PensionBee managed assets nearly double as consumers lock away savings

Fintech firm PensionBee doubled down on its goal of profitability by next year today as it reported a 24 per cent jump in assets in the nine months to September.

The London-listed online pensions provider said that invested customers increased 68 per cent to 174,000 – up from 104,000 last year – as assets hit £2.8bn in the period.

Revenues in the nine months to September jumped 44 per cent on last year’s levels from £9m in the nine months to September 2021, with the firm saying it was on track to reach profitability before deductibles by late 2023.

PensionBee chief Romi Savova said the rise in invested customers today reflected a “challenging consumer environment” in which Brits were looking to squirrel away cash.

“Careful money management is more important than ever and our customer-focused proposition puts us in a strong position to capitalise on the vast market opportunity ahead,” she said.

Bosses said that revenues for the full year were likely to come in at the low end of guidance however, ranging between £17m and £18m. Previous guidance had suggested a range of between £17m and £20m.

Shares in the firm plunged beyond six per cent on the revenue update.