Today we announced that we have over 10,000 customers in the UK and £260 million in assets under management (AUM) internationally, following the release of our annual results on Companies House.
Moneyfarm is now the second largest robo advisor in Europe, just 18 months after launching in the UK and becoming the first robo advisor to operate in multiple markets.
Investing in sustainable growth
We’ve raised close to USD $30million from our investors and reported a loss of £6.4 million in 2016. This loss is a result of the significant investment we’ve made in talent and technology. By building the right team and platform we’re in a strong position for long-term growth.
We doubled our customer numbers in the first half of 2017, and less than 5% of customers have closed their accounts, which has largely come as a direct result of us helping our Italian customers achieve their financial goals in just five years.
In 2016, we proved we could scale successfully in multiple geographies whilst retaining existing customers. Now the focus will be all about developing our offering to ensure we offer our customers the best mix of products to manage their wealth effectively.
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Interesting trends emerging
Looking back over the last year we’ve spotted some interesting trends. On average, customers double the amount they invest with us after a year, and 10% of customers have a direct debit set-up for the first week of the month. So people invest regularly, just after pay day.
We anticipate that a customer will be with Moneyfarm for over seven years based on current indicators and we think this could be even longer when we launch our pension product later this year.
Customer growth is due to outstrip the 209% we anticipated at the beginning of the year and we’re just at the beginning of what we can achieve with our current product mix.
The pension we launch later this year will be a real game changer, not just for us but also for consumers. With a keener focus on financial planning and a wider product mix, we’ll be one step closer to meeting the comprehensive wealth needs of our customers across Europe.
Based on our current plans, we’ll be turning a profit within two years.