Nutmeg has said it is transitioning from “start-up to scale-up” as losses widen at the 2012-founded digital wealth firm.

During 2018, pre-tax losses widened 51 percent to £18.6 million, compared with £12.3 million in 2017.

Revenue grew 57 percent to £7.2 million, while assets under management grew 57 percent to £1.5 billion as of 31 December 2018.

Its operating expenses also grew, 33 percent from £17 million to £22.7 million. This was largely a result of its wage bill more than doubling to £13.4 million, as headcount grew from 91 to 135 and it increased share-based payments to staff. Its highest pai...