PensionBee: Losses slashed as US expansion helps revenue surge
PensionBee has hailed a “transformative year” for the listed business as it slashed its pre-tax loss and grew its revenue by almost £10m as it expanded into the US.
The company has posted a pre-tax loss of £3.1m for 2024, down from the £10.5m loss it reported for 2023.
New figures filed with the London Stock Exchange also show its revenue jumped from £23.8m to £33.2m over the 12 months.
PensionBee said its assets under management increased by 34 per cent to £5.8bn while its invested customer base rose by 16 per cent to 265,000.
The company expanded into the US in July 2024 through a collaboration deal with State Street.
PensionBee hails ‘transformative year’
Chief executive and co-founder Romi Savova said: “We are pleased to report strong full year results for 2024, reaching approximately £6bn in assets under administration on behalf of 265,000 invested customers.
“Coinciding with our ten year anniversary since inception, we launched our US business, taking an important step in creating a global leader in the consumer retirement market.
“In this transformative year, we were pleased to achieve significant Revenue growth, ending the year with annual run rate revenue of £38m.
“We fulfilled our long-standing ambition of achieving adjusted EBITDA profitability in the UK, and also achieved adjusted EBITDA breakeven for the group in conjunction with making a significant investment in our US business.
“In the UK, we continued to execute on our growth strategy, optimising our marketing expenditure while growing our brand awareness, continuing to innovate our product offering, delivering exceptional customer service, and investing in automation to drive operational scalability, including through the introduction of AI.
“In the US, we laid the foundations for our long-term growth through our partnership with State Street.
“We established our diversified multi-medium marketing strategy, laid the foundations for rapid product iteration backed by our UK technology stack and our deep expertise, and launched our native mobile app in December.
“Our £20m capital raise will enable us to accelerate the growth of our US business in the coming years.
“Looking forward to 2025, the opportunities for PensionBee are considerable. Now able to serve 85 per cent of the global defined contributions retirement market, we remain dedicated to building retirement confidence for our customers across the UK and the US, to achieve our long-held vision: a world where everyone can enjoy a happy retirement.”