WealthTech Tumelo scores $19m Series A funding round

Tumelo, which claims to enable investment platforms and pension providers to engage with investors, has reportedly raised $19m in its Series A.

The round was led by US-based FinTech venture firm Treasury, with commitments also coming from Legal & General, Fidelity International Strategic Ventures, Nucleus Adventure Capital, Lance Uggla and several angel investors, according to a report from FinTech Finance News.

With the funds, Tumelo is looking to bolster its platform so more investors can execute their rights. It also hopes to extend its reach in the UK, as well as expand into the US, Australia and other markets.

Tumelo’s mission is to enable retail investors and pension members to create and benefit from a more sustainable investment system. It achieves this by partnering with investment and pension firms and give them the tools that let customers voice the issues they care about, such as gender equality and climate change.

Fidelity vice president Erik Mostenicky told FinTech Finance News, “Tumelo’s unique value proposition, enabling retail investors to have a voice on stewardship matters of public companies, is well-timed with current market developments.

“Active stewardship models are transforming the industry, and large asset managers have a duty to serve as conduits of capital for good stewardship. This global trend with regulatory tailwinds is driving change across the retail investment and pension markets; Tumelo is best placed to facilitate such progress.”

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