PensionBee recorded revenue growth of 38% in 2022 after surpassing £3 billion in Assets under Administration.
The online pension provider, headquartered and listed in London, said the positive results were driven by strong inflows from both new and existing customers and a sustained customer retention rate of 97%.
It added 66,000 invested customers across the year to reach 183,000 and now has almost a million registered customers. It is also now a profitable business.
New product innovations have enabled customers to make easy additional pension contributions and to better self-serve, complementing the company’s customer service capabilities.
PensionBee, which featured on our sister publication BusinessCloud’s FinTech 50 ranking last year, said it has become a household name, with brand awareness jumping as measured by its in-house data insights platform.
The company recently moved to the premium segment of the London Stock Exchange.
“The company expects to achieve long-term EBITDA margins of more than 50%, leveraging the scalability of the technology platform,” it stated.
“In the short to medium term, the company remains on track to achieve monthly adjusted EBITDA profitability by the end of 2023 and to be profitable for the full year 2024, by reducing the cost per invested customer and delivering further automation through its scalable technology platform.”
Romi Savova, CEO of PensionBee, commented: “2022 was a landmark year for PensionBee, having exceeded the £3 billion Assets under Administration milestone while delivering pre-marketing profitability in line with our objectives.
“We’re proud to have continued growing our brand into a household name, making PensionBee synonymous with easy and effective pension management for consumers.
“As we look forward to 2023, our focus remains on helping our ever increasing customer base manage their pensions through our industry-leading pension offering and personalised customer service.”