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Nutmeg reveals latest AUM and customer numbers after fundraising round

hungerford

Nutmeg has revealed its latest assets under management and customer numbers after raising another £12m in a fundraising round.

The online investment manager’s latest injection comes from Taipei Fubon Bank, and comes on the back of a £30m fundraising round last month from existing investors including Balderton Capital, Pentech, Armada Investment Group and Nigel Wray.

Having previously kept its AUM and customer numbers under wraps, Nutmeg said after the fundraising last month that it managed “more than half a billion pounds for a growing base of over 20,000 customers”

In its announcement today, Nutmeg says it now manages around £600 million on behalf of 25,000 customers.

Its latest accounts show losses nearly doubled to £8.9m last year, however.

The company’s chief executive Nick Hungerford (pictured) stepped down in May, handing control to chief revenue officer Martin Stead.

Stead says: “There is a very significant market opportunity before us, in the UK and beyond, and we are going to capture it. With these new funds, we will continue to invest in product innovations which disrupt the industry and deliver a better deal – and a better experience – for customers. And, we are going to expand into new categories and new territories.”

Nutmeg was granted permission to offer regulated advice by the FCA early this year, and is in the process of hiring advisers to build its proposition.

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  1. For a low cost business looks as though Nutmeg has some very high running costs. Hate to think what the cost of borrowing is. Or what remuneration the Directors and senior managers are on. With an average portfolio size of £24000 it’s going to take a long time to recoup that investment. Cofunds anyone?

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