By Oliver Smith on Thursday 21 October 2021
The digital pension provider is also simplifying its lineup of investment plans.
Over 104,00 Brits now invest their pension via digital pension provider PensionBee, it was revealed in the company’s latest trading update today.
The figure is a 75 per cent year-on-year jump and has been driven by a huge increase in marketing spend since PensionBee’s IPO in April.
PensionBee’s cost per invested customer has risen from £229 last year, to £250 today, driven by out of home advertising, which the company says is within expectations.
Total assets under administration (AUA) by the end of September had risen to £2.24bn, more than doubling the group’s AUA from 2020.
“Our investment in technology and brand awareness will allow us to make further progress against our growth strategy,” said CEO Romi Savova.
“Bringing us one step closer towards achieving our goal of making pensions simple for all while continuing to make positive changes in the pensions industry."
PensionBee also revealed in its trading update that it has been working with open banking provider Plaid to add an “easy bank transfer” option that harnesses lower-cost open banking payments for customers to top up their accounts.
Looking ahead Savova said that PensionBee now expects its revenue growth for 2021 to be “at the top” of its range and that the company remains on course to transition to the Premium Segments of the London Stock Exchange in the first half of 2022.
Finally, PensionBee said it recently simplified its lineup of investment plans, with its Match Plan and Future World Plan today being closed.
Its investment committee decided to roll Match Plan customers into its Tailored Plan, and Future World Plan customers into its Fossil Fuel Free Plan because of their similarities.