PensionBee doubles revenue as assets under management hit £2.6bn
PensionBee has more than doubled its revenue over the past 12 months, as firm’s assets under management blossom.
Assets under management have bloomed over 90 per cent to £2.6bn in the year to 31 December, up from £1.4bn in 2020.
Revenue has also rocketed, from £6.3m to £12.8m, as the pandemic-era drive to get one’s finances in order fuels growth at the pension-tech firm.
However, PensionBee racked up further losses over the year, as the figure swelled from £13.5m in 2020 to a £25m loss by the end of last year.
The fintech firm listed on the London Stock Exchange in late April last year at a valuation of £277m.
Over its first year of trading as a public company, the firm’s losses per share came to 11.8p, down from a 7.6p loss per share by the end of 2020 – a year marked for its volatile trading climate.
CEO Romi Savova said that the firm’s revenue exceeded guidance and that all other metrics were “firmly on track”.
“Our performance over the period reinforces the extent to which our offering continues to resonate with the UK population,” she said in a statement.
“The UK defined contribution pensions market opportunity remains significant, estimated to be in excess of £700bn, and we are looking forward to continuing to grow and innovate, making pensions simple for all.”