PensionBee’s assets under administration (AUA) increased by 91 per cent year-on-year to close 2021 at £2.6bn, the pension provider’s Trading Update has revealed.

It attributed the increase primarily to strong net flows from new and existing customers, and said the rise was supported by market growth.

The provider’s registered customer base rose by 63 per cent in 2021 to 658,000, while its invested customer base increased by 70 per cent to 117,000 during the same period.

Its same-year conversion of registered customers to invested customers was 18 per cent, up from 17 per cent in 2020.

PensionBee’s update reported revenue growth of 103 per cent year-on-year to £13m ahead of guidance, with December Annual Run Rate Revenue of £16m.

The firm predicted that it would generate in excess of £20m of revenue for the 2022 financial year.

"We are delighted to report another period of strong operational and financial performance, with revenue growing by more than 100 per cent year on year - in excess of our guidance given at the time of our IPO,” PensionBee CEO Romi Savova.

“Our focus on efficient, data-led marketing has helped us to increase our customer base considerably as we continue to seize the significant opportunities in front of us.

“We are looking forward to further capitalising on these market drivers in the year ahead, responding to our customers' needs in order to help everyone achieve a happy retirement."

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