PensionBee has celebrated a "transformative year" after reporting a substantial reduction in its pre-tax loss and a near £10m increase in revenue, alongside its expansion into the US market.
The firm disclosed a pre-tax loss of £3.1m for 2024, a notable improvement from the £10.5m loss recorded in 2023, as reported by .
According to recent figures released to the London Stock Exchange, PensionBee's revenue surged from £23.8m to £33.2m during the year.
The company also reported a 34% growth in assets under management to £5.8bn and a 16% rise in its invested customer base to 265,000.
In July 2024, PensionBee ventured into the American market through a partnership with State Street.
Romi Savova, CEO and co-founder, expressed satisfaction with the company's performance: "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."
Celebrating a decade since its inception, she added: "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."
Savova highlighted the financial achievements: "In this transformative year, we were pleased to achieve significant Revenue growth, ending the year with annual run rate revenue of £38m."
She concluded by noting the company's financial milestones: "We fulfilled our long-standing ambition of achieving adjusted EBITDA profitability in the º£½ÇÊÓƵ, and also achieved adjusted EBITDA breakeven for the group in conjunction with making a significant investment in our US business."
"In the º£½ÇÊÓƵ, 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 º£½ÇÊÓƵ 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 º£½ÇÊÓƵ and the US, to achieve our long-held vision: a world where everyone can enjoy a happy retirement."
