Digital wealth manager Nutmeg reported a loss of £12.4m in 2017, an increase on the previous year’s loss of £9.4m.
The robo-adviser, which was in its fifth year of business last year, saw its turnover increase 56.1 per cent to £4.56m from £2.56m in 2016.
Nutmeg saw a customer growth in 2017, as its user base passed 50,000 last year, compared to 25,000 in 2016.
Nutmeg says it acquired thousands of new Lifetime Isa customers due to being one of the only providers to offer the product at the time it was introduced in April 2017.
The robo-adviser has also launched fixed portfolios, to complement its previously offered fully managed service to approach new type customers, last year.
The accounts, filed to Companies House, say Nutmeg had to put “significant resource” towards preparing for Mifid II.
It says: “The developments required for this regulation drew on resources from almost every area of the business throughout the second half of 2017. The breadth and complexity of accommodating these new rules was particularly burdensome for smaller wealth managers, such as Nutmeg.”
The accounts allude to Nutmeg conducting work around financial advice, saying it is “leveraging its financial advice licence” to develop its online advice proposition.