Australian-owned wrap platform Praemium, used by a number of UK Financial Planners, has reported a 55% rise in funds under administration for the year ending 30 June 2021.

Funds under administration on the platform stood at £2.7bn and platform revenue at £4.4m, a 30% increase on the previous financial year.

Last month the platform’s parent company said it is to sell off its UK and international operations after receiving approaches from potential buyers.

The move comes just a few months after Praemium opened a new office in the Scottish Centre of Fintech Excellence in Edinburgh as part of international expansion plans.

Praemium, one of the smaller UK adviser platforms, said it has received “unsolicited” approaches for its international business and believes the operations will grow faster under a new owner.

Mark Sanderson, international and UK managing director at Praemium International, said: “We have ambitious plans for growing the UK and International business; equally we set ourselves the highest service standards. Growth will never come at the expense of the things that clients tell us set Praemium apart from the competition – differentiating on service and proprietary technology.

“So, I have been delighted with the phenomenal response to our latest recruitment drive. With over 50% of our total headcount in technology, we’ve been able to let our proprietary tech do most of the heavy lifting as we’ve grown.

“However, complacency is never an option and we’re making sure that we have the right mix of responsive, next-generation technology and fantastic boots-on-the-ground human support for when its needed.”

Globally Praemium serves 1,000 financial institutions and 500,000 investors.