The funding round, which is subject to FCA approval, was co-led by Goldman Sachs’ Principal Strategic Investments group and deepens the investment bank's relationship with the UK fintech sector.
Nutmeg’s existing investor, Hong Kong-based financial advisory firm Convoy, was also involved in the round as the robo-adviser prepares for further expansion in Asia.
Martin Stead, chief executive officer, Nutmeg, said: "This is a vote of confidence in our team, investment proposition and track record, and marks Nutmeg’s transition from start-up to scale-up.
"We look forward to Goldman Sachs’ support and to exploring commercial collaboration opportunities that further accelerate our growth plans.
"This funding also enables us to expand internationally, with our plug-and-play B2B expansion model, which leverages both our technology and investment capabilities, developed in this highly respected FCA-regulated market.
"We plan to launch with existing partners Convoy in Hong Kong this year."
Nutmeg has attracted a total of £116m (US$150m) in investment since launch, from several high-profile angel, financial and strategic investors from around the globe.
The latest capital will be used to invest in further product innovation and new features that expand on Nutmeg’s digital wealth management service.
Nutmeg will also be investing in people and technology to accelerate its expansion in the UK and beyond.
Rana Yared, partner at Goldman Sachs, will join the Nutmeg board.
He said: "Nutmeg has already established itself as one of the fastest growing wealth managers in the UK.
"We are excited to fuel further growth and innovation through our investment and to support management in their vision of leveraging technology to broaden access to world-class investment solutions."
Michael Yap, head of venture capital at Convoy, added: "We welcome the addition of Goldman Sachs as a Nutmeg shareholder.
"We vehemently believe that Nutmeg now has an unmatched set of strategic investors who will support an accelerated growth plan and solidify their position as Europe’s leading digital wealth manager.
"Nutmeg’s software-based model and talented team position it to capture an ever-growing slice of the UK’s asset management market. We look forward to bringing the Nutmeg platform to our markets in Asia and replicating the same success seen in the UK."
Since its last fundraising round in 2016, Nutmeg has tripled in size through aggressive investment and has grown to be the eighth largest wealth manager in the UK.
But the robo-adviser, which was founded in 2011, has yet to make a profit and saw its losses increase by £4m over the course of 2017, to £12.3m.
Nutmeg was one of three financial services providers to launch a Lifetime Isa on day one in 2017, now adopted by about 20 per cent of Nutmeg’s customer base.
It also launched native apps for iOS and Android, which are now used by more than 90 per cent of Nutmeg investors, the business stated.
In 2018, the firm introduced a personal financial advice service pledging to provide environmental, social and governance ratings for its entire portfolio range, while launching 10 risk-based socially responsible portfolios.
