FinTechFast growthIPO

PensionBee says it is on a path to profitability before the end of 2022 after revealing impressive growth.

The online pension provider, headquartered and listed in London, saw invested customers grow 72% from 92,000 a year ago to 159,000 at the end of June. Its registered customer base jumped from 538,000 to 897,000 in the same period.

Assets under administration increased by 35% year-on-year to £2.7 billion, while annual run rate revenue increased by 37% to £17m.

The news follows a high-profile marketing campaign which included television advertising.

The firm’s customer retention rate is 97%, while cost per invested customer reduced to £260.

‘With a crystal ball I’d have raised more funding’

“We are delighted to have again achieved strong results for the period, despite the challenging market conditions,” said Romi Savova, CEO. 

“Our robust performance demonstrates just how much people are thinking about their financial futures in these uncertain economic times, making it even more important for all consumers to have access to a simplified approach to saving.  

“We are constantly evolving and adapting our product according to our customers’ needs, and we look forward to continuing to do so as we grow in size.” 

The company has moved to the premium segment of the London Stock Exchange.

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