PensionBee reports revenue jump as it targets December profitability
Digital pensions platform PensionBee has reported a jump in revenue today as it readies to ramp up investment into marketing and customer acquisition.
In a trading update today the firm reported revenue growth of 103 per cent to £13m for the year ending 31 December, jumping from £6m in 2020 and ahead of revenue guidance issued when it went public in April last year.
Registered customers at the digital pensions platform grew 63 per cent year on year to 658,000, up from 403,000 in 2020.
Bosses said they were now looking to double down on marketing investment with a view to growing the customer base and hitting pre-marketing profitability in December of this year.
Romi Savova, CEO of PensionBee, commented: “We are delighted to report another period of strong operational and financial performance, with revenue growing by more than 100% year on year – in excess of our guidance given at the time of our IPO.
“Our focus on efficient, data-led marketing has helped us to increase our customer base considerably as we continue to seize the significant opportunities in front of us.”
The pensions provider grew its assets under administration 91% on 2020 levels to £2.6bn, which the firm said had been driven by “strong net flows from new and existing customers”.
PensionBee’s board has said it remains confident in the “continued growth opportunity” for the firm and has reissued the medium-term financial guidance it offered at the IPO.
Shares in PensionBee jumped over 4 per cent this morning after the update, but shares in the fintech firm are currently trading at a 22 percent discount of their IPO price.