PensionBee confirms intention to float on LSE
PensionBee has today confirmed its intention to float on the High Growth segment of the London Stock Exchange, where it hopes to raise some £55m.
The fintech company said it will issue shares worth approximately £55m, and existing shares worth up to £5m will be sold by existing minority shareholders.
The IPO will comprise an offer to institutional investor and eligible PensionBee customers. More than 9,000 customers have already registered an interest in participating in the float.
PensionBee CEO Romi Savova said becoming a publicly traded company had long been part of its strategy.
“There’s a significant growth opportunity for PensionBee as a result of the acceleration of the shift to digital, the frequency of individuals moving jobs and the increased duration of working life,” she added.
The fintech company, which makes use of technology that can combine customers pension pots in one place, has around 130,000 active customers and £1.5bn assets under management.
PensionsBee was founded in 2014 by Savova and its chief technology officer Jonathan Lister Parsons, with the aim of simplifying pension saving in the UK.
In an interview with City A.M. earlier this month, Savova said the company had experienced enormous growth in a short space of time, growing as much as 80 per cent in the last year, which it why PensionBee made the decision to float.