Abrdn has invested an unspecified sum in Nucoro as part of its upcoming funding round to help support the growth and roll out of its investment technology.
A spokesperson for Abrdn declined to comment when asked for details.
According to its website, Nucoro focuses on delivering modern, API-led infrastructure and integrating with existing and new financial and third-party systems.
The companies have been “working closely” over the past year, Nucoro said, with Abrdn first interested in acquiring its subsidiary Exo Investing, a B2C wealth management solution.
But “the parties agreed that a strategic partnership and investment into Exo’s parent company was of more strategic value”, Nucoro said.
The news comes just over a week after Abrdn completed its £1.5bn ($1.9bn, €1.7bn) acquisition of platform Interactive Investor.
Of the Nucoro investment, David Mouille, chief strategy and business development officer at Abrdn, said: “Abrdn is at the forefront of the next era of the investment landscape, helping our clients plan, save and invest for their future. Nucoro’s technology showcases best in class investment infrastructure that will power this future and we are excited to invest in the company behind it.”
Lennart Asshoff, chief executive of Nucoro, added: “Nucoro offers the world’s most flexible investment platform, enabling financial institutions to build digital savings, investment and wealth management propositions at speed and scale.
“The investment of Abrdn is a strong endorsement for our technology and our approach, and we look forward to working closely in partnership with Abrdn in the future.”
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