Newcastle fintech firm sees turnover almost double to £99m

Recent annual results from fintech services group, True Potential has grown turnover by 43 per cent to £99m with profits up by 61 per cent.

The business, which employs over 250 people, saw annual turnover climb to £99m in the year ended December 31, 2017, up from £69m in 2016 and £56.7m in 2015.

The company’s profits also rose by 61 per cent from £15m to £24m during the year.

David Harrison, True Potential’s managing partner, said: “Last year turned out to be a remarkable one for True Potential. When we published our last set of results, I said that the future looks bright. That proved to be something of an understatement.

“2017 was judged by us to be a good year for the UK. Of course, some business commentators would disagree, but frankly I fail to understand what they are judging the UK against.

“I see confidence, determination and opportunity everywhere I look, so this is a great time to be in business if your proposition is right.”

Around 20 per cent of UK financial advisers use True Potential’s technology, with over two million clients in total. 2017 saw assets on the firm’s in-house investment platform increase by 40 per cent, now standing at over £7bn.

Meanwhile, True Potential Investor, the group’s online investment site, is used by consumers where they choose to save into pensions and ISAs directly, without going through a financial adviser.

Across all channels, True Potential has over £52bn of client assets under its administration.

This firm’s impulseSave® technology has enabled savers to add the likes of just £1 to their investments from smart devices. It was used by savers to top up their pensions and ISAs with a total of over £100m impulse saved.

True Potential’s technology also powers ‘automatic enrolment’ workplace pensions for over 163,000 people throughout the UK.

David Harrison added: “Our main focus continues to be constructing a service where customers can invest and manage their money, all within the True Potential Group.

“The efficiency this brings means much lower costs to the client, with hugely increased diversity of holdings to avoid the risk of having all eggs in one basket. In 2018 we have plans to go much further.”