Robo-adviser Nutmeg believes it has bucked the trend in the beleaguered digital adviser sector with 41% year on year growth in AUM.

The company plans to expand its nascent digitally-enabled’ financial advice and Financial Planning services in the coming year.

Nutmeg claims to be the first ‘digital wealth manager’ in Europe to reach £2bn in assets under management.

The robo-advice sector has been beset by poor customer numbers, low investment and the withdrawal of some players with both Moola and Investec pulling out recently.

Nutmeg says in contrast to some competitors it ended 2019 with 80,000 UK investors, a 60% increase in customers since reaching £1bn AUM in November 2017.

Nutmeg plans to develop its services by adding ESG data and analytics for its entire investment range, enabling contributions via Apple Pay and Google Pay and developing digitally-enabled “personalised financial advice and planning services.”

Neil Alexander, chief executive officer of Nutmeg, said: “Surpassing £2bn AUM is a significant milestone, not only for us – in part, because we are the first digital wealth manager in Europe to do so – but for the sector as a whole.”

The business is backed by institutional and venture capital investors including Convoy Financial Group, Goldman Sachs and Balderton Capital.