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.
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.
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.”
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.
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.