PensionBee has reported 117 per cent growth in its assets under administration to £1,987m in the 12 months ended 30 June, noting that this growth has been driven by acquisition of new customers.

The provider’s H1 results showed that its number of invested customers had grown by 81 per cent to 92,000 over the same period, while the number of registered customers rose by 81 per cent to 538,000.

Active customers, defined as those who had requested to become invested customers but had not yet seen their transfer or contribution process completed, also increased by 78 per cent to 155,000, while PensionBee stated that recurring revenues from existing customers had also been strong.

Accordingly, it showed that annual run rate revenue climbed by 114 per cent to £12.3m during the year-long period.

Additionally, the business said it had managed to maintain strong customer satisfaction and 95 per cent customer retention.

The six-month period also saw PensionBee raise £55m of capital from a successful IPO in April, which the business said had enabled further innovation and supported a path to profitability by the end of 2023.

The company said it expected performance to be in line with market guidance provided at the time of its IPO, with this being driven by marketing investment growth, product innovation and further investment in both people and technology.

The provider said it expected its growth to be supported by continued demand for online pension consolidation and positive contribution behaviour, as well as “the backdrop of an enormous opportunity in the UK defined contribution pensions market”.

PensionBee CEO, Romi Savova, commented: “I am pleased to report another period of continued strong financial and operational performance following our successful IPO. We have continued to drive growth by prioritising our customers and giving them control of their financial future.

“We are excited about the vast opportunity ahead and look forward to continuing to work towards our mission of making pensions simple so everyone can look forward to a happy retirement.”

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