Wealthtech start-up Nucoro reshapes its business
Nucoro, a UK-based wealthtech, is undergoing a business restructure, it is understood.
Founded in 2019, Nucoro provides a cloud-native platform for financial institutions to build digital savings, investment, and wealth management propositions.
It raised $19.2 million in a seed funding round, according to Crunchbase.
In summer 2021, Nucoro agreed to sell its Exo Investing platform – and the predecessor to Nucoro – to wealth management heavyweight abrdn (formerly Standard Life Aberdeen).
Exo Investing allows customers to create personalised portfolios based on their risk profile and preferences. At the time of the announcement, abrdn planned to use Exo Investing to offer 24/7 digital wealth management via an app.
However, the acquisition deal was scrapped the following year. According to abrdn, the two parties decided that instead, a partnership and investment into Nucoro was of more strategic value. The investment figure was undisclosed.
“Last year, we decided to reshape the business to be in line with our new strategic imperative,” Lennart Asshoff, CEO of Nucoro, tells FinTech Futures.
At the end of 2022, the start-up lost its chief revenue officer (CRO), Matt Cockayne, a fintech veteran who had been with the company for just over a year. During that time, according to his LinkedIn profile, he restructured the go-to-market approach and team; focused on a single ideal customer profile (ICP) instead of the four that had been previously targeted; and rebuilt its pipeline from scratch, adding Tier 1 and 2 financial institutions and $9 million. Commenting on his departure on LinkedIn, Cockayne describes his year at Nucoro as “
Another recent departure is Steve Hoy, also a long-term resident of the banking and fintech ecosystem. Hoy was head of partnerships at Nucoro for a brief seven-month stint. “It’s a shame, that’s the nature of working at early stage companies,” he writes on LinkedIn, “but I still seriously enjoy bringing something together from nothing.”