PensionBee sees assets soar to £1.4bn as firm eyes IPO

By Aisling Finn on Tuesday 9 February 2021

Savings and Investment

Pensions-focused fintech PensionBee registered 171,000 customers to its platform in 2020, a 74 per cent increase on the year before, as its hive grew to over 400,000 customers.

PensionBee sees assets soar to £1.4bn as firm eyes IPO
Image source: Romi Savova/PensionBee.

Digital pension provider PensionBee saw strong growth in revenues in 2020 to £6.3m, an increase of 77 per cent, according to numbers released by the fintech. 

The boost in revenue was helped by its assets under administration (AuA) reaching £1.4bn, an 82 per cent increase year-on-year.

The jump in assets can be largely attributed to a spike in new active customers as people have been focussing on their finances over the past year under lockdown. 

The number of customers who are paying into their pensions through PensionBee’s plans, like in the fossil-fuel-free pension it launched in December 2020, rose by 83 per cent to 69,000 in 2020.

PensionBee added a further 171,000 registered customers throughout 2020—those who’ve signed up, but are yet to start paying in—taking the total number of registered customers to 403,000.

Romi Savova, CEO of PensionBee, said: “We have seen a significant rise in new customers and customer engagement in 2020, accelerated by increased digital adoption during the Covid-19 pandemic which also gave consumers additional time to review and address their finances.”

“Looking ahead, we are confident that our rapid growth trajectory will continue. We are excited about the next stage of our journey–going public and fighting for the consumer on a global stage will bring us one step closer to achieving our goal of making pensions simple for everyone.”

In November 2020, PensionBee announced its intention to list on the London Stock Exchange after seeing record growth throughout lockdown. 

To help the fintech get ready for its listing, PensionBee appointed city veteran Mary Francis to help the fintech gear up for its upcoming IPO. 

Francis previously held non-executive directorships at the Bank of England, Aviva, Swiss Re and is on the board of directors at several companies such as Barclays and Valaris plc. 

Just a few days before its IPO announcement, PensionBee revealed that it was planning to launch a fossil-fuel-free pension, but it needed a £100m customer commitment to get the fund off the ground, a target it reached in just 34 days.

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