UK fintech disruptor PensionBee has announced its assets under administration have now surpassed £500m ($611m), underscoring the growing popularity of retirement savings app.
It is a key milestone in the development of the firm, which now has around 46,000 active customers using its online platform, designed to make the process of managing a pension simpler and more effective.
The idea for PensionBee was born out of personal frustration with the traditional pensions market, and a desire to “demystify” the process and bring change to an “archaic industry”.
CEO and co-founder Romi Savova said: “Since we founded the business, we have been overwhelmed by the positive response to PensionBee, and we are proud to be able to provide a long-needed solution to our customers’ pension frustrations.
“We will continue to grow and attract more customers by making pensions even more accessible, while pressing for industry change and campaigning for the rights of pension savers.
“2019 is an exciting year of growth for PensionBee and we look forward to what is to come.”
PensionBee app helps users combine existing pension plans
PensionBee uses APIs to simplify and speed up the pension application experience, helping users to find and combine previous pensions into one single plan, which can then be monitored and maintained via an online platform.
The pensions are managed by firms including BlackRock, HSBC, Legal & General and State Street Global Advisors, and are protected by the Financial Services Compensation Scheme.
PensionBee has generated a loyal customer following since its first full year of operations in 2017, claiming a 98% customer retention rate and positive responses on Trustpilot.
It has also developed partnerships with other money-management firms – the likes of Starling Bank, Yolt and Moneybox – to expand its integration with modern personal finance products and bring pension propositions to new audiences which might not usually have thought about getting one.
Chairman Mark Wood added: “I am delighted that PensionBee has reached this impressive milestone.
“Since it was founded, PensionBee has used innovative technology to put the customer at the heart of everything it does with its unique, high quality offer, which continues to result in a growing, active customer base.
“The company is well placed to continue to invest in attracting more customers and growing its assets under administration.”
