Nutmeg posts £15m loss in 2020

Robo-adviser remains unprofitable but losses shrink

clock • 1 min read

Digital wealth manager Nutmeg made a loss of £15.1m last year, according to its financial results for 2020.

Nutmeg saw pre-tax losses widen to £22m in 2019 from £18.4m in 2018, however, latest figures show its losses are shrinking. The robo-adviser's loss for 2020 was an improvement on the previous year's trading and Nutmeg predicted profit in the year to come. Revenue grew by 37% to £12.7m, while client numbers grew by 38% to more than 100,000 in the financial year. The firm has since said client figures stand at around 140,000. According to the firm's report, lockdown restrictions resulted in accelerated demand for client-centric digital financial services. "Nutmeg continues to invest ...

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