UK’s PensionBee, an Online Pension Provider, Reveals its Plans to Float via the London Stock Exchange

UK’s PensionBee, an online pension provider, has submitted a confirmation statement with the London Stock Exchange (LSE), which states that the firm’s listing is expected to take place next month.

The filing indicates that PensionBee plans to secure £55 million in capital as part of the planned transaction. New shares are expected to make up most of the fundraising and current minority shareholders selling £5 million in shares, the filing document noted.

More than 9,000 PensionBee clients have now signed up with PrimaryBid in order to participate in the upcoming listing (with shares expected to be provided at the same rates as institutional clients).

Romo Savova, Chief Executive and Co-founder at PensionBee said that becoming a publicly-traded firm has been a key part of their business strategy. They aim to become the world’s best universal online pension provider, Savova added while noting that she’s pleased to confirm PensionBee’s plans to float.

Savova also mentioned that there’s an attractive growth opportunity for the company, due to the acceleration of digital transformation after COVID, the frequency of individuals changing jobs and the steadily increasing duration of “working life.”

Savova further noted that the firm’s assets under management are now valued at around £1.5 billion across 130,000 differnet clients, as of the end of February. These figures are up considerably from approximately £1.4 billion that was reported by PensionBee toward the end of last year (which was when the firm recorded £6.3 million in total earnings).

PensionBee had initially revealed its plans to conduct an initial public offering in November of last year.

As covered last month, PensionBee introduced a new product, allowing self-employed savers to easily set up a pension “from scratch.” Its reportedly an offering that may work quite well for sole traders, which is why Starling Bank confirmed that it has added PensionBee to its Business Marketplace, which is the space in the app where clients are able to link to third-party products and services.

Starling Bank’s management confirmed that PensionBee has been available to the neobank’s customers since 2018. Its latest integration is specifically for sole traders, which includes people who’ve never actually had a pension before. Connecting to PensionBee via the Starling app is fairly straightforward and only takes a few minutes, Starling explained.

Sponsored Links by DQ Promote


Send this to a friend