Robo-adviser Nutmeg has seen its losses increase again as it continues its search for profitability by building an advice service.
While turnover increased from £1.7m to £2.6m for the year to December, expenses also increased by more than a million, resulting in an annual loss of more than £9.3m, up from £8.9m in 2015.
The firm managed around £600m for 25,000 customers as at the end of last year.
While it hinted again that it wants to make a bigger push in the advice space, its plans are not fully fleshed out in these latest accounts.
The statement reads: “The company is developing the most appropriate advisory proposition, following successfully applying for permission to offer financial advice.”
The firm said an “overhaul” of its pricing structure would bolster Nutmeg’s appeal. It has cut fees on several bands in the last 12 months.
Founder Nick Hungerford stepped aside, leaving Martin Stead to step into the chief executive role last May. The firm grew staff headcount from 57 to 71 over 2016.
Stead says: “We continue to invest in our products, services and people to give investors the quality they deserve. Our focus on innovation meant we were one of only three providers to launch a Lifetime ISA on day one, and help thousands of people under 40 invest for their first house or their retirement.
“Nutmeg is a rapidly growing business with over 47,000 new and experienced investors choosing to trust us with their investments. We have 80 per cent market share and everyone at Nutmeg is committed to continuing to lead the way in the digital wealth manager market.”