UK software firm invests in US market

INVESTMENT software group Tumelo, which enables savers to see where fund managers are investing their money, is poised to expand into the US, co-founder and chief executive Georgia Stewart says.

Bristol-based Tumelo is used by the likes of Legal & General and Aviva, as well as the Big Issue’s investment platform The Big Exchange, and Stewart said that it is close to signing up two of the UK’S largest leading investment and pension providers.

Tumelo’s main focus this year will be on trying to break into the US, where it is poised to sign its first partnership deal. Stewart said: “The US is our big drive this year and we plan to set up an office there next year.”

Aside from allowing pension fund members and investors to see exactly what fund managers have invested their money in, Tumelo’s technology gives them a say on issues such as executive pay, climate change, political lobbying, pollution and others facing their investee companies.

Ahead of a company’s annual meeting, savers and investors can use Tumelo to register their opinions on issues and voting resolutions. The data is collected and anonymised by Tumelo and then sent to the fund manager, who takes investors’ opinions into account before voting on their behalf at the AGM.

According to Aviva and other clients, Tumelo’s system increases transparency and promotes greater engagement. Founded in 2018 by Cambridge graduates Stewart, Ben King and Will Goodwin, the company has so far raised more than £1million from investors to fund its expansion.