PensionBee notches up £500m assets under management

By Roger Baird on 31st July 2019

Robo-Advice

The pensions provider founded five years ago now has 46,000 active users.

PensionBee notches up £500m assets under management
Image source: Company supplied

 

Digital pensions provider PensionBee said it has notched up more than £500m of assets under management since the start-up was founded five years ago.

The business, which helps customers to find and combine their old pensions into a single online plan, said it has amassed 46,000 active users.

The London-based fintech provides access to some of the largest money managers in the world such as BlackRock, HSBC and Legal & General, with all of the platform’s products protected by the Financial Services Compensation Scheme.

It claims it has changed a lengthy pension transfer process to a five-minute sign-up via a smartphone. The firm adds that each customer has a dedicated account manager.

 

Joint ventures

Last year, PensionBee used application programming interfaces to allow customers to see their up-to-date pension balance alongside their live current account balance in a joint venture with such money management apps as Yolt, Starling and Moneyhub.  

PensionBee was founded by chief executive Romi Savova and chief technology officer Jonathan Lister Parsons (pictured, left to right) in 2014, with the business starting operations two years later.  

PensionBee chairman Mark Wood said: “I am delighted that PensionBee has reached this impressive milestone. The company is well placed to continue to invest in attracting more customers and growing its assets under administration.”

In 2017, the world's third-largest asset manager, State Street Global Advisors took a minority stake in the business for an undisclosed sum.

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Starling Bank
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