Online pension provider PensionBee has reported a 75% growth in invested customers as its technology continues to disrupt the market.
The company was founded in 2014 by CEO Romi Savova after she had problems moving her old workplace pension and she resolved to make the process easier for others.
Pensionbee listed in April this year and this morning provided the City with an encouraging update for the nine months to September 30, 2021.
Its registered customer base is now in excess of 600,000 while its invested customers increased by 75% year-on-year to 104,000.
Assets under Administration (AUA) grew by 108% year-on-year to £2,247m while annual run rate revenue increased by 107% to £13.9m.
PensionBee also continued to invest in its technology platform, building out its data platform capability and data team and maintained a customer retention rate in excess of 95%.
In a statement to the London Stock Exchange this morning the company said the outlook was positive for continued growth.
“The strong performance achieved during the period and the continuation of the growth trajectory during the year to date, combined with the scale of the opportunity in the UK defined contribution pensions market and PensionBee’s broad appeal to customers across the UK, underpins the board’s confidence in the future growth opportunity for the company,” the statement read.
“As such, the company re-iterates the guidance given at the time of the IPO and now expects revenue growth for 2021 to be at the top end of the range.”
CEO Romi Savova, CEO of PensionBee, commented: “We are pleased with our strong financial and operational performance over the period, demonstrating the strength of our customer focused proposition and the extent to which our offering continues to resonate with the UK population.
“Our investment in technology and brand awareness will allow us to make further progress against our growth strategy, bringing us one step closer towards achieving our goal of making pensions simple for all while continuing to make positive changes in the pensions industry.”