Nutmeg posted a £22.3 million pre-tax loss in 2019, despite a sizeable increase in assets under management (AUM).

The UK’s largest robo-adviser, or “digital wealth manager” as it now calls itself, previously said it did not expect to post a profit any earlier than its 10-year anniversary in 2022.

Nutmeg’s just-released 2019 accounts show a 29.6 percent year-on-year increase in revenue, to £9.3 million, outstripped by cost growth...