Thursday 22 July 2021 10:30 am

London shares left buzzing after PensionBee hits £2bn in managed assets

Online pensions provider PensionBee has racked up £2bn worth of pensions under management, which has sent shares flying over six per cent.

The app said its assets under management had surged 117 per cent to over £1.9bn in the six months to 30 June.

The pensions surge, up from £915m worth of assets in the first half of 2020, was pushed by an 81 per cent increase in invested customers.

PensionBee founder and CEO, Romi Savova, was named ‘Entrepreneur of the Year’ at the City A.M.’s 10th annual awards in 2019 which celebrate London’s most innovative companies and individuals across business.

The company raised £55m in capital during its initial public offering (IPO) on the London Stock Exchange, which valued the pensions provider at £365m in April.

PensionBee said it expects to transition to the premium segment of London’ top market sometime next year.

The IPO was designed to bolster the app’s growth by the end of 2023 and has helped the company’s latest “Feels so good” brand campaign.