Nutmeg, the first major robo adviser in the UK, has seen its losses widen by more than a third to £12.4m in 2017, according to Companies House filings. Nutmeg says it saw revenue growth of more than 75 per cent from £2.6m to £4.6m while the firm had more than £25m of net cash in the bank. In 2016 Nutmeg lost £9.3m. It had £600m in assets under management at in the beginning of 2017, rising to £1bn by the end of the year. However, the firm seems to have landed just a net 3,000 more users in the year. Suggesting the £400m AUM boost came through large accounts and/or portfolio growth in in its existing accounts. Martin Stead, chief executive officer, Nutmeg, says the firm's "mission to democratise wealth management" was on a steady course.
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