PensionBee’s assets under administration (AuA) increased by 91 per cent in 2021, from £1.36bn to £2.59bn as at 31 December 2021, its annual report has revealed.

The provider attributed the growth to a combination of “cost-disciplined” new customer acquisition, a high retention rate of existing customers who increased their savings and market growth.

More than three quarters (78 per cent) of the growth in assets was driven by net flows from new and existing customers.

Its revenue more than doubled during the same period, from £6.3m to £12.8m.

In light of its results and investment in automation, PensionBee said it was well positioned on its path to profitability by the end of 2023.

The provider’s loss before tax rose from £13.5m in 2020 to £25m in 2021.

Its number of registered customers increased by 63 per cent year-on-year to 658,000, while invested customers rose by 70 per cent to 117,000.

The report also revealed that PensionBee’s spending on advertising and marketing grew by 56 per cent over the year to £12.9m.

This represents a spend of £246 per invested customer, up slightly from £232 in 2020.

Commenting within the report, PensionBee CEO, Romi Savova, said: “By many measures, 2021 has been a milestone year for PensionBee. Our successful Initial Public Offering enabled us to welcome new shareholders who, like us, believe in our mission to make pensions simple so everyone can look forward to a happy retirement.

“We seek to lead our industry on product and service innovation, but are also committed to ensuring that our business delivers a positive impact on our society and our planet.

“In 2021, we strengthened our commitment to international corporate transparency frameworks such as the Sustainability Accounting Standards Board and Workforce Disclosure Initiative, further integrated ESG into our core investment range and continued to work with our asset managers to assert our customers’ views on living wages, and gender and ethnicity pay gaps.

“Looking ahead to 2022, we will continue to implement our ambitious growth plan to acquire more customers and to use our unique technology and innovative product offering to help them manage their pensions throughout their lifetime.”

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