PensionBee expects 2022 revenue to hit £20mn

PensionBee expects 2022 revenue to hit £20mn

Online pension provider PensionBee expects its revenue in 2022 to reach £20mn after a ‘milestone’ year.

The listed company, which was founded in 2014 and joined the stock exchange in April last year, saw revenues of £12.8mn in 2021, double that of the year before.

Assets under administration rose 91 per cent to £2.6bn and its invested customer base rose 70 per cent to 117,000.

The group’s chief executive officer, Romi Savova, said as a fast-growing company, PensionBee is used to regularly breaking its own records and setting the standards and benchmarks that it holds itself up to.

“From the outstanding quality of our innovative technology platform and user experience to the rapid customer service we offer consumers seeking to take control of their pensions, PensionBee aims to lead the industry in everything we do,” she said.

“By many measures, 2021 has been a milestone year for PensionBee.”

However the group’s pre-tax loss rose in 2021 to £25mn, from £13.5mn in 2020. Adjusted Ebitda decreased to -£16.4mn from -£10.4mn, and basic earnings per share dropped to -11.86p from -7.67p the year before.

Savova said the company is “continuing to deliver” against the targets set at IPO, with revenue growth exceeding guidance.

“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.”

News of the pension provider’s IPO intentions first broke in November 2020, following a period of strong performance which had accelerated the management’s plans.

It joined the stock exchange in April 2021.

Founded in 2014, the pension consolidator was one of the first platforms to join the Association of British Insurers, following Hargreaves Lansdown and Vanguard.

At the time the ABI stated it was looking to reflect the “changing nature of the long-term savings market” and pension consolidators have since been recognised as a potential threat to the traditional advice market.