Swindon & Wiltshire News
Fintech firm Tumelo completes $19 million funding round
Bristol-based financial technology firm Tumelo has successfully completed a £15.3 million ($19 million) round of funding; its largest funding round to date.
The Series A funding round was led by Treasury, the US-based Fintech venture fund run by the co-founders of Betterment, Acorns, and Say Technologies.
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 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 AGMs.
Tumelo says 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.
CEO and co-founder Georgia Stewart said: “Tumelo has transformed from a student campaign into a daring FinTech with a blossoming team.
“The incredible calibre of institutional and private investors who have committed to our vision and backed our growth is a testament to the strength of our mission, product, culture and execution to date.
“I am excited to work closely with them all to lift our product, team and achievements to the next level and bring shareholder democracy to the global financial system.”
The investment will further enhance the platform to enable more investors to exercise their shareholder rights and extend Tumelo’s outreach across the UK. It will also support Tumelo’s expansion into the US, Australia and additional market segments, following strong demand.
Pictured: Product manager Will Goodwin, CEO Georgia Stewart, and CTO Ben King
