Tumelo, a UK-based startup dedicated to enhancing transparency for investment platforms and pension providers, has successfully secured $19 million in its recent funding round. This funding will empower investors by providing insights into the companies receiving their funds and enabling them to voice their opinions on critical issues like board diversity and climate change.
The Series A investment was spearheaded by the fintech venture fund Treasury, with participation from prominent entities including Legal & General, Fidelity International Strategic Ventures, Nucleus Adventure Capital, and notable individuals such as Lance Uggla, former CEO of IHS Markit, and Jim Wiandt, founder of ETF.com.
Positioned as an “impact-focused” fintech, Tumelo aims to facilitate shareholder engagement by offering APIs and white-label solutions that inform investors about their investments and amplify their voices on significant matters—from CEO compensation to environmental concerns. Investor preferences are collected and communicated to fund managers, who wield the authority to effectuate change through voting at company annual general meetings (AGMs).
Tumelo’s technology is designed to enhance investor loyalty for platforms, robo-advisors, and pension providers, ultimately contributing to increased assets under management (AUM) and retention, as well as attracting substantial workplace pension accounts where financial well-being is prioritized.
The company has forged partnerships with 17 top investment platforms and 75 fund managers across the UK. The newly acquired funding will assist in expanding partnerships and facilitating growth into the US and Australian markets.
Georgia Stewart, CEO of Tumelo, expressed her enthusiasm, stating, “Tumelo has evolved from a student-led initiative into an ambitious fintech with a growing team. The support from our esteemed institutional and private investors underscores the strength of our mission, products, and culture as we continue to scale.”