PensionBee invested customers increase 72 per cent over the past year

PensionBee's number of invested customers has increased by 72 per cent over the past year to 30 June 2022, its latest six-month trading update has revealed.

The update showed that the number of invested customers increased to 159,000 in June 2022, compared to 92,000 in June 2021. It also found that the cost per invested customer had changed from £240 in June 2021 to below £260 in June 2022 and that this was "on track to reduce further by the end of the year", the update stated.

It also showed an increase in its registered customer base from 538,000 in June 2021 to 897,000 in June 2022, along with 246,000 active customers compared to 155,000 the previous year, a 66 per cent and 59 per cent increase respectively.

The update also showed that PensionBee's assets under administration increased by 35 per cent over the year to June 2022, increasing from £1,987m in June 2021 to £2,676m in 2022, "despite the prevailing market volatility, underpinned by strong net flows from new and existing customers and a customer retention rate of 97 per cent".

The update also revealed that the company is on track to achieve monthly adjusted EBITDAM profitability by the end of 2022 and monthly adjusted EBITDA profitability by the end of 2023.

"The uncertain macro-economic outlook, and the impact that global market volatility has had on assets under administration for all companies in the space, is well understood. Against this backdrop, our revenue remains resilient, with high double digit revenue growth expected in the short-term. Having considered the likelihood that market volatility will continue, the Board expects that full year revenue will fall within the range £17m to £20m against a range of scenarios," the update stated.

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