Nutmeg reportedly overtakes Scalable Capital to become Europe’s largest digital wealth manager

Digital wealth manager Nutmeg has surpassed £2bn in assets under management which, by some measures, puts it ahead of its largest rival Scalable Capital.

Scalable was previously named Europe’s largest digital wealth managed, however the figure was disputed at the time by Nutmeg.

Today’s numbers come from Boring Money, an independent publisher and data collector in the industry, which surveys all the digital wealth platforms each month.

“Seven years after launch, our tech-first alternative to traditional wealth managers and DIY platforms has transformed the investment landscape,” said Nutmeg CEO Neil Alexander on the company’s £2bn AUM milestone.

Alexander also said that Nutmeg’s Junior ISA (JISA) is launching “imminently” for parents to set up savings accounts for their children.

The boss said that Nutmeg was already seeing “major demand for this from our customers” which had prompted the company to accelerate its plans ahead of ISA season.

Nutmeg also recently hit an 80,000 customer milestone, something which will likely rise in the coming weeks as we approach the deadline for topping-up this year’s ISA allowance and as people consider switching to new providers for the next financial year.

To reach £2bn AUM and 80,000 customers has taken Nutmeg nearly nine years, and the journey has not been without difficulty. The startup has been through three CEOs and has lost money every year since its founding in 2011, with 2021 mulled as a potential break-even point last year.

Among digital platforms in the UK Nutmeg does currently lead the pack with a 36% UK market share, while in European customer volume Scalable is close behind with 60,000 customers and £1.7bn in AUM.