Pensionbee: Retirement platform says 56 per cent rise in savers puts it on profit path despite £19.5m loss
London-listed fintech firm Pensionbee doubled down on its target of profitability this year today despite its losses widening to £19.5m in the past year.
Adjusted earnings-before-deductibles losses at the pensions fintech jumped 19 per cent to £19.5m for the full year, up from £16.4m in 2021, which it said reflected “continued investment in growth” over the past 12 months.
Revenues at the firm surged up 38 per cent to £17.7m however, as assets under management on its platform sailed past the £3bn mark.
Chief Romi Savova said the firm had bucked the wider slump that has shaken fintech firms in the past year.
“We are pleased to report strong full year results for 2022, having exceeded £3bn of assets under administration, despite the challenging global capital markets,” she said in a statement.
“Encouraged by strong year to date trading driven by customer growth and healthy net flows from new and existing customers, we are on track to achieve our primary objective of ongoing adjusted EBITDA profitability by the end of 2023 and to become profitable for the full year 2024,” she added.
The firm said it “remains on track” to achieve adjusted earnings-before-deductibles profitability by the end of this year and full profitability for the full year 2024, by slashing its cost per invested customer and ramping up automation on its platform.
Invested customers on PensionBee’s platform jumped 56 per cent on 2021 to 183,000, which it said came after a major marketing push in the past 12 months.
The firm is now eyeing a two per cent share in the market, bosses said today, equivalent to about 1m invested savers with an average pension pot size of £20,000- £25,000.
Shares in the firm have rebounded over the past six months to trade up around 33 per cent, though still trading at around 40 per cent discount on their 2021 IPO price.