Nucleus Financial, the Edinburgh-based financial technology (fintech) specialist, has reported a hike in full-year profits and assets under administration despite a choppy economic backdrop.
Figures from the wrap platform, headed by founder and chief executive David Ferguson, show that profit before tax hit £4.3 million last year, up 21 per cent on a like-for-like basis from 2015.
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Assets under administration reached £11.4 billion at the end of 2016, an increase of 23 per cent on the year before, with that total climbing to £12.2bn as of the end of March 2017.
Ferguson said: “This year will see a further increase in investment in our core platform technology, our people and in broadening our user proposition. This investment is critical in ensuring we can deliver a regular cycle of platform improvements in 2018 and beyond, as well as widening our range of services.”
Net inflows for the full year totalled £1.1bn, a slight dip on the previous year’s figure of £1.3bn but the fintech firm said that was in line with the decline seen across the advised platform market.
Doug Heron, chief financial officer, said: “We are extremely pleased with our 2016 results, particularly given the difficult set of market, political and economic conditions that existed throughout much of the year. We have continued to invest in the platform.”
• Accounting giant KPMG has paid an undisclosed sum to acquire Matchi, a fintech “innovation and matchmaking platform” that connects financial institutions, including banks and insurance companies, with financial services technology solutions and companies around the world.
The Matchi platform includes more than 700 fintech solutions and a database of more than 2,500 companies that institutions can work with.
“The acquisition of Matchi adds to the capabilities of KPMG firms to bring market-validated ideas to financial services clients’ toughest challenges,” said Ian Pollari, global co-leader of fintech at KPMG International.