Nutmeg targets 100k users by Q2 2015 after posting £3.6m loss

Online wealth manager Nutmeg is aiming to treble its user base in the coming months as it seeks to get up to scale after posting a loss for 2013.

The group recorded a £3.6m loss last year, following on from a £1.8m loss in 2012, annual accounts released this month show. But Nutmeg said it had beaten “demanding business targets” in its first full year in the wealth management space. The group raised £19m from investors including Schroders this June, and Nutmeg CEO Nick Hungerford (pictured) told Investment Week that profitability remains several years away as the business continues to invest for growth. “[Profitability] is two to three years away yet; we will continue to invest very heavily in our product development and the tea...