PensionBee Group - a pensions fintech starting to look like a Rocketship
We initiate today on PensionBee Group - the leading disruptor of one of the UK’s most lucrative financial sectors. Pensions house a huge wealth pool (>£1 trillion in PensionBee’s defined contribution addressable market), with customers looking for a multi-decade relationship with their provider to achieve financial security. Fuelled by £50m raised in its April 2021 IPO, PensionBee is ramping up growth.At the end of its latest financial year (Dec 21), PensionBee had secured 117,000 invested customers, up 70% from 69,000 at the end of FY20. It had also grown its assets under administration (AUA) by 91% to £2.6bn (from £1.4bn), and its revenue by 103% to £12.8m (from £6.3m), with run-rate revenue of £16.3m in Dec 21. In fact, it has roughly doubled revenue every year since 2018.
PensionBee has built a technology platform that has started to demonstrate its operating leverage potential. While not yet profitable, it is rapidly closing in on that milestone. Adjusted EBITDA margin improved from -236% in 2018 to -129% in FY21 and is forecast to turn positive from Dec 23.
The investment case is compelling:
- PensionBee has hardly scratched the surface of its growth potential – it still has a tiny market share (
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