JP Morgan just killed off Nutmeg. But before you mourn the loss of another spice-themed investing app, meet Clove—a fresh challenger that’s just bagged £10m to shake up financial advice in the UK.
Founded by serial entrepreneur Christian Owens (yes, the Paddle guy), Clove emerged from stealth with backing from some serious names: Cleo’s Barney Hussey-Yeo, former Google CFO Patrick Pichette, and PE firm Accel leading the charge.
The pitch? Make financial advice accessible without the eye-watering price tag. And they’re betting on AI to get there.
The Financial Advice Gap is Real
Here’s the thing: financial advice in the UK is broken.
Most advisers can only handle around 50 clients a year. That means unless you’re sitting on serious wealth, you’re probably priced out. The result? Young Brits are turning to unregulated finfluencers and chatbots that can’t actually tailor advice to their situation.
Owens says every investor he spoke to during fundraising felt this pain personally. “I can go and try and get advice, but it feels inaccessible,” he told City AM.
This gap has widened as Chancellor Rachel Reeves pushes for more retail investment to boost economic growth. But how do you invest smartly when proper advice costs a fortune?
How Clove Uses AI (Without the Chatbot)
Clove isn’t building another chatbot you’ll awkwardly type your money questions into.
Instead, they’re using AI behind the scenes to supercharge human advisers. Think paperwork automation, compliance handling, and spreadsheet management—the boring stuff that eats up adviser time.
The goal? Help advisers scale from 50 clients a year to 250. More capacity means lower costs, which means financial advice becomes accessible to people who actually need it.
You’ll still talk to a real person. The AI just handles the grunt work.
Clove Enters a Shifting Market
Clove’s entering the market at a fascinating moment.
Traditional players are struggling. Hargreaves Lansdown got snapped up by private equity. JP Morgan ditched Nutmeg to consolidate into JP Morgan Investing. Legacy firms are watching digital-first platforms like Robinhood eat their lunch.
Why? Because people want simple, transparent investing experiences—not clunky interfaces built in 2005.
Owens is betting that combining human expertise with smart automation gives Clove an edge over both the old guard and the robo-adviser crowd.
What’s Next for Clove?
The company’s building out its platform and adviser team now, aiming for a full launch in 2026 once the FCA gives the green light.
Initially, they’re focused on UK clients—offering investing, saving, and pension advice across all demographics. But Owens and co-founder Alex Loizou aren’t stopping there. They’ve got plans to expand internationally as the platform matures.
The vision? Grow with your clients. As their finances get more complex, Clove scales up to match their needs.
The bottom line: The UK’s financial advice gap isn’t going anywhere. Clove’s got the funding, the team, and the timing to actually fix it—if they can nail the execution.
Want financial advice that doesn’t cost a fortune? Keep an eye on this one.
FAQ
Q1: What is Clove investing?
A: Clove is a new UK fintech startup offering accessible financial advice through AI-powered human advisers. They’ve raised £10m in pre-seed funding and plan to launch in 2026 after FCA approval.
Q2: How is Clove different from robo-advisers?
A: Unlike pure robo-advisers, Clove pairs real human advisers with AI tools that handle administrative tasks. You get personalised advice from a person, but the AI makes it affordable by letting advisers serve more clients.
Q3: Why did JP Morgan shut down Nutmeg?
A: JP Morgan scrapped Nutmeg to create a unified investing service called JP Morgan Investing. They’re consolidating their offerings to better compete with digital-first platforms like Robinhood.
Q4: Who founded Clove?
A: Christian Owens, who previously founded payment firm Paddle, started Clove with co-founder Alex Loizou. Their £10m funding round was led by Accel with backing from Cleo’s founder and Google’s former CFO.
Q5: When will Clove launch?
A: Clove is targeting a full launch in 2026, pending Financial Conduct Authority authorisation. They’re currently building their platform and adviser team.
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