Invested customers in PensionBee Group increased by 56 per cent over 2022, a trading update for the company has revealed.

The update showed that PensionBee’s invested customers totalled 183,000 as of 31 December 2022, an increase on the 117,000 reported December of 2021.

This increase was attributed, by PensionBee, to new product innovations that enabled customers to make “easy additional pension contributions” and self-serve improvements.

This was not the only increase recorded as the update reported that the provider’s assets under administration (AUA) increased by 17 per cent year-on-year to over £3.0bn compared to the £2.6bn reported at the end of 2021. This increase in AUA was attributed to strong inflows from both new and existing customers.

The update also set out PensionBee’s ambitions for the future, stating that the company is pursuing a market share of approximately 2 per cent over the next 5-10 years (equivalent to about 1 million invested customers, assuming an average pension pit size of £20,000-£25,000).

In the short-to-medium term, the company remains on track to achieve monthly adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) profitability by the end of 2023 and to be profitable for the full year of 2024, by reducing the cost per invested customer and delivering further automation through its scalable technology platform.

PensionBee CEO, Romi Savova, commented: "2022 was a landmark year for PensionBee, having exceeded the £3bn AUA milestone while delivering pre-marketing profitability in line with our objectives.

“We're proud to have continued growing our brand into a household name, making PensionBee synonymous with easy and effective pension management for consumers.

“As we look forward to 2023, our focus remains on helping our ever-increasing customer base manage their pensions through our industry-leading pension offering and personalised customer service."

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