Fintech Nucleus sees funds exceed £14bn

Nucleus Financial Group, the recently floated fintech business, has confirmed that assets under administration have pushed above £14 billion with further growth in the pipeline.

Nucleus chief executive David Ferguson. Picture: Lisa Ferguson

The Edinburgh-based firm, which saw its shares begin trading on London’s Alternative Investment Market last week, also announced that it had 1,357 active advisers as of the end of June, up 3 per cent over the first half and 7.2 per cent over the last 12 months.

Assets under administration were sitting at £14.3bn at the end of June, up 5.6 per cent on the end of last year and 15.6 per cent higher than a year earlier.

The group confirmed it had generated first-half revenues of £21.7 million, up 11 per cent compared with the same period in 2017.

In a brief update, chief executive David Ferguson said: “I am pleased to report continued growth in active advisers, assets under administration and revenue despite ongoing market volatility.

“Our core audience continues to perform in line with expectations, supported by the increase in active advisers.”

The group expects to announce its results for the six months ended 30 June on 11 September.

Nucleus, which Ferguson set up with the backing of a number of financial advice firms in 2006, has developed software platforms that enable financial advisers to provide online access to clients for investments across ISAs, pensions and bond accounts.

The firm is seen as one of the biggest successes of Scotland’s fast-developing fintech sector.