Why Wealthify's CEO isn't worried about the Nutmeg JPM deal
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The UK robo advice market has been hitting the headlines again due to the recent JP Morgan Chase deal to buy Nutmeg.
So what does this mean for Nutmeg’s rival Wealthify?
Like other robos in the market, Wealthify has yet to turn a profit since launching in 2016.
In its results for 2020 it recorded a loss of £5.3m, up from a £4.8m loss the year before.
I spoke with chief executive Andy Russell, who joined last year from parent company Aviva.
He shared the firm’s growth plans, and whether it’s possible to make money from customers investing small amounts.
So what does this mean for Nutmeg’s rival Wealthify?
Like other robos in the market, Wealthify has yet to turn a profit since launching in 2016.
In its results for 2020 it recorded a loss of £5.3m, up from a £4.8m loss the year before.
I spoke with chief executive Andy Russell, who joined last year from parent company Aviva.
He shared the firm’s growth plans, and whether it’s possible to make money from customers investing small amounts.