However, despite revenues topping £1m for the first time, total losses increased to nearly £14m. Robo-adviser Moneyfarm has seen its investor base double to 30,000, AUM climb 50% to £400m ($515m) in the nine months to May and revenues reach £1m for the first time, according to its latest results, which also showed total losses increased to nearly £14m ($18m). The average first investment size was up more than 120% following the addition of a pension product and the initial investment threshold also rose from £1 to £500. “Investors are looking at robo-advisers as an alternative way to invest their money that is not tied down by traditional financial institutions,” said CEO John O’Neill.
Robo-adviser Moneyfarm has seen its investor base double to 30,000, AUM climb 50% to £400m ($515m) in the nine months to May and revenues reach £1m for the first time, according to its latest results, which also showed total losses increased to nearly £14m ($18m). The average first investment size was up more than 120% following the addition of a pension product and the initial investment threshold also rose from £1 to £500. “Investors are looking at robo-advisers as an alternative way to invest their money that is not tied down by traditional financial institutions,” said CEO John O’Neill.