By Aisling Finn on Thursday 22 July 2021
The digital pension provider also revealed that it raised £55m in its hotly-anticipated debut on the LSE earlier this year.
PensionBee was one of the first fintechs to list on the London Stock Exchange earlier this year, kicking off the flurry of fintech IPO activity, and, by the looks of its accounts, is still flying high.
The digital pension platform saw its assets under management more than double in the first half of 2021 compared to the same period last year. PensionBee now houses just under £2bn in customer deposits, up from £915m in 2020.
Despite being smaller than other fintechs, PensionBee also saw its revenues jump by 109 per cent between the first half of 2020 and the first half of 2021.
PensionBee now has revenues of £5.4m, compared to £2.6m in the first six months of 2020, although the ever-elusive profitability is still at arm’s length away.
The firm also saw its EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) losses widen by 89 per cent to £7.6m from £4m in the same six month period last year
“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,” Romi Savova, CEO and co-founder of PensionBee, said.
“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.”
As well as positive monetary growth, PensionBee also now counts more than 538,000 registered customers, an increase of 81 per cent from the same period last year, and has a 95 per cent customer retention rate.
Despite having registered over 530,000 accounts, just 155,000 of those are active and only 92,000 currently invest through PensionBee.
Following its successful listing in April 2021, in which the fintech raised £55m, PensionBee also expects to move from the High Growth Segment of the LSE over to the main market in 2022.