FinTech: UK-Based PensionBee Reports Assets Under Administration Have Doubled In A Year
As at June 30, PensionBee’s AUA touched £1,987 million, up 117% over the year.
An influx of new customers has boosted two-fold PensionBee’s assets under administration as at June 30, 2021. Further, in a landmark year, PensionBee (LON: PBEE) raised £55 million from an IPO in April, putting it on course to achieve profitability by 2023. (PensionBee)
Rising customer base
According to its trading update for the first half of this year PensionBee’s invested customers increased by 81% to 92,000 (1H 2020: 51,000), while its Annual Run Rate Revenue increased by 114% to £12.3 million (1H 2020: £5.7 million).
The growth may be attributed to the company’s increased marketing spend on a new national brand campaign, as well as its new data platform that also helped keep costs on a leash.
Romi Savova, CEO of PensionBee, commented: “I am pleased to report another period of continued strong financial and operational performance following our successful IPO. We have continued to drive growth by prioritising our customers and giving them control of their financial future.”
“We are excited about the vast growth opportunity ahead and look forward to continuing to work towards our mission of making pensions simple so everyone can look forward to a happy retirement.”
The company also said it expected its growth to be supported by continued demand for online pension consolidation and positive contribution behaviour, set against the backdrop of “an enormous opportunity in the UK Defined Contribution pensions market.”
More fintechs eyeing pension industry
Last month, fintech Plum launched its first pensions product, the Plum SIPP, or self-invested personal pension.
Plum’s saving algorithm splits liquid assets between interest-bearing savings, investments and pensions according to the customer’s chosen saving strategy.
Also, users can consolidate existing pension pots into the app, providing a complete view of retirement savings.
“By bringing all your pensions into one app, you can manage your Sipp easily alongside your other savings and investments, and choose where your money goes to secure your future,” said Plum CEO Trokoudes at the time. “Our goal is that checking your pension will become as easy and natural as checking your bank balance.”
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