Losses increased over 2016, according to its latest results, rising from the £8.9m of losses posted in 2015, as the firm invested in improving technology and infrastructure.
It put a rise in customer numbers down to its emphasis on marketing over the year, ending 2016 with 25,000 customers and £600m in assets under management.
Director and chief executive Martin Stead, who joined the firm in May 2016, led a strategic review of the firm and appointed a new executive team.
A share issuance raised some £30m in 2016, with the extra cash set to be used to grow the firm.
In the companies strategic report, Stead said: “The new capital is to be used to expand the product offering and rapidly scale the UK business.
“Specific focus will be on innovation including new investing options, new tax wrappers and further developing the advice offering.”
Before the losses, overall turnover for the year was up from £1.7m posted in 2015 to more than £2.5m at the end of 2016.
