Digital wealth manager Nutmeg made a loss of £19.3m in its last financial year, according to its latest financial results.
Figures in 2020 showed losses pre-tax losses shrunk to £15.1m from £22m in 2019. The so-called 'robo-adviser's' loss for 2018 was £18.4m. Revenue in 2021 grew by 70% compared to 2020, while client numbers grew to more than 170,000 in the financial year. This reflected a 59% year-on-year growth in clients, and a 69% year-on-year growth in assets under management (AUM). In 2020, revenue grew by 37% to £12.7m, while client numbers grew by 38% to more than 100,000 in the financial year. In June 2021, the company was acquired by JP Morgan Chase to form the basis of the bank's digital we...
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