Financial technology group True Potential says it has grown turnover by 61% and nearly doubled profits in its latest annual results.
The Newburn Riverside-based firm, which employs 137 staff, saw turnover reach £44.4m in 2014, up from £27.5m in 2013.
The firm provides technology platforms for independent financial advisors and individual savers and saw profits increase by 98% to £10.5m during the year.
True Potential is the latest venture of David Harrison, who sold his previous company, Positive Solutions, to major insurer Aegon for £130m.
Neil Johnson, senior partner at True Potential LLP, said: “We believe technology holds the key to delivering modern wealth management to today’s modern clients.
“By being based in Newcastle we have access to top graduates from three world-class universities, so there’s no shortage of talent to draw from. Each year we hire highly-qualified local graduates into our Development Academy and other areas of the business.
“Innovation is in our DNA, it keeps us ahead of the crowd and delivering the very best for our advisers and their clients.”
True Potential attributed part of its growth to the success of its impulseSave product — an online service that allows savers to spontaneously add as little as £1 to their own investments, in pursuit of savings goals.
It has encouraged £9m worth of funds since its launch in March and over a third of transactions were under £10.
Mr Johnson added: “With a cultural shift in the UK to self-reliance when it comes to saving for retirement, it’s technology like impulseSave that can make the difference to people’s futures.
“Last year we also saw the announcement by the Chancellor of the biggest changes to personal pensions I’ve seen in my lifetime. Thanks to our innovative and award-winning technology, we’re perfectly placed to take full advantage of the changes. With our own pension, ISA, Wealth Platform, distribution network and in-house technology, we have the capability to react at speed to market changes and develop truly unique offerings for advisers and clients. At True Potential, we are helping to create a better future for all our clients.”
The firm’s True Potential Adviser Services arm had £67bn worth of assets at the end of 2014.
Meanwhile the investments division of the business saw 184% growth in profit to £5.4m and net assets grew by 423% to £6.8m.
True Potential’s Wealth Platform now has £3bn assets under management, up £1bn in 2014.