PensionBee hailed “excellent momentum” in the first six months of the year today as it closes in on profitability for the first time this year.
In its first half results today, the London-listed fintech firm said its assets under administration had rocketed 38 per cent to £3.7bn while adjusted losses narrowed to £8m, down from £15m last year.
First half Revenue rose by nearly a third to £11m, up from £8m last year.
PensionBee has been angling for its first swing into adjusted profitability by the end of 2023 and today doubled down on the target.
“We are delighted to report a successful first half of 2023 as we pursue our mission to make pensions simple so that everyone can look forward to a happy retirement,” said chief Romi Savova.
“We have continued growing our Assets Under Administration and Revenue by acquiring new customers and helping our existing customers to save more in their pensions.”
PensionBee is among a crop of fintech firms including Cushon and Smart that have been looking to guzzle up customers as Brits engage more actively with their pensions.
The firm has struck out on a major marketing push over the past two year to try and jostle to front of the pack. PensionBee said it had pumped £7m into marketing initiatives in the first half of the year, including a shirt sponsorship with Brentford football club.
Shares in PensionBee are trading up near 30 per cent over the past six months.