Nutmeg has today announced that it has surpassed £3bn in assets under management following a year-on-year growth of 72 per cent.
Delivering its first quarter trading update, Nutmeg showed a continuation of growth which has seen it maintain its position as the European market leader in the digital wealth management sector.
Nutmeg saw a 53 per cent increase in clients to over 130,000, while net inflows increased by 230 per cent year-on-year.
Revenue soared by 66 per cent as the business moved closer to profitability.
Neil Alexander, CEO of Nutmeg, said the firm has seen a flurry of new clients who have had more disposable income because of reduced expenses during the pandemic.
“With interest rates at historically low levels and looking set to stay there for the foreseeable future, many people have either turned to investing for the first time or increased the amount they invest.
“Nutmeg has been a beneficiary of this shift, welcoming tens of thousands of seasoned investors wanting to take advantage of a digital-first wealth management service, along with first-time investors looking for the support they receive from our wealth services team in helping them to achieve their financial goals.”