Online wealth manager Nutmeg is aiming to treble its user base in the coming months as it seeks to get up to scale after posting a loss for 2013.
The group recorded a £3.6m loss last year, following on from a £1.8m loss in 2012, annual accounts released this month show. But Nutmeg said it had beaten "demanding business targets" in its first full year in the wealth management space. The group raised £19m from investors including Schroders this June, and Nutmeg CEO Nick Hungerford (pictured) told Investment Week that profitability remains several years away as the business continues to invest for growth. "[Profitability] is two to three years away yet; we will continue to invest very heavily in our product development and the tea...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
