PensionBee gathers momentum in the UK and US
Retirement savings app Pensionbee maintained strong momentum in the first half of the year, expanding its UK reach while laying foundations for US growth.
The London-listed fintech reported a revenue jump to £18.9m, up from £15.4m a year earlier.
The firm improved its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) basis to £2.9m.
Meanwhile, assets under administration (AUA) increased 21 per cent to £6.3bn, driven by strong net flows from both new and existing customers.
The firm saw net flows of £423m, down from £482m in 2024, as it felt the impact of volatile market movements.
But invested customers numbers increased 14 per cent, hitting 286,000 from 252,000 the previous year.
Its cash position increased to £34m, following the company’s capital raise of £20m in October 2024.
PensionBee share price rose 0.21 per cent in early morning trading. The stock is up around 4 per cent since the start of the year.
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Strong UK customer retention
The firm strengthened its UK position in the first half of the year, with full year adjusted EBITDA profitability expected for 2025.
Total revenue for the UK reached £19.6m, bolstered by strong customer retention and acquisition performance.
Pensionbee blew £7.6m in advertising and marketing in the first six months of the year, with a particular focus on attracting young savers.
It also continued its investment in technology, which contributed to productivity improvements in the company.
Romi Savova, chief executive of Pensionbee said, “With a robust pipeline of new customers and record-high brand awareness, we are well placed to sustain our growth trajectory through the year and beyond.”
UK adjusted EBITDA reached £3.2m, with the firm confident in its ability in growing profitably in the UK.
Laying foundations in the US
After announcing its intentions for a US expansion, the pension provider has continued its efforts to build its brand presence.
The firm invested £0.7m in US advertising and marketing, across multiple social media platforms while increasing its US team to 13 members.
As a result, it recorded a brand awareness of 5 per cent in the US with early consumer response being recorded as positive.
In the US, adjusted EBITDA hit £2.2m, reflecting its strategic investments in becoming a long-term market presence in the country.