UK fintech start-up Tumelo raises $19m Series A
UK fintech Tumelo has raised $19 million in a Series A funding round as it looks to expand its footprint across the country and globally.
The round was led by US fintech venture fund Treasury and saw participation from new investors Legal & General, Fidelity International Strategic Ventures, Nucleus Adventure Capital, former HIS Markit CEO Lance Uggla and ETF.com founder Jim Wiandt, among others.
Returning investors include Jeremy Coller, CIO of Coller Capital and founder of the FAIRR Initiative, a collaborative investor network.
Tumelo helps investment platforms, robo-advisors and pension providers engage investors with shareholder voting.
The fintech’s white-label software and APIs reveal to retail investors which companies their money is going to and provides the opportunity for feedback on environmental, social and governance (ESG) issues such as CEO pay, gender equality, climate change and board diversity.
Investor voting results are subsequently shared with fund managers, who can then exercise investor influence by proxy through voting at company annual general meetings (AGMs).
Tumelo claims its solution strengthens investor loyalty and engagement, improves retention and helps fund managers to better understand and act on the preferences of their underlying investors.
The Series A cash will go towards further enhancing the investment transparency platform as well as supporting Tumelo’s expansion into the US, Australia and other markets.
Tumelo CEO and co-founder Georgia Stewart says the investment will help bring “shareholder democracy to the global financial system”.
Founded in 2018, the fintech now has partnerships with 17 investment platforms and 75 fund managers in the UK, including Legal & General, Aviva Investors, Fidelity, Cushon, Wealthyhood and iClima.