Cultural shift and digital savvy will see us accelerate our IPO plans – CityAM

Cultural shift and digital savvy will see us accelerate our IPO plans – CityAM

The end of a year is usually a time for companies to reflect and look back at goals reached, lessons learned and ways to continue progressing in the months ahead. We are excited about what 2021 has in store.

We have been open about seeking a listing on London Stock Exchange, a first step in our next growth phase but the vast changes in consumer behaviour have played a large role in our decision to accelerate our IPO plans. 

PensionBee has grown rapidly in recent years but 2020 has been our busiest year yet; the pandemic has brought about a cultural shift to online which has seen an increasing number of customers turning to us to help them manage their pensions online.

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There is an evident trend of people using the additional time during lockdown as an opportunity to review their finances and look for ways to further their money.

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This has led to increased customer engagement and a sharp uptick in new PensionBee customers since the onset of the pandemic – we are thrilled to now have more than 100,000 active customers and over £1.1 billion in assets under administration. 

We are a fast-growing, ambitious company, and an IPO continues to be a part of our long-term strategy. Going public is aligned with our core values of transparency and upholding high corporate governance standards.

Moreover, being a public company will allow us to continue our growth trajectory alongside our commitment to championing the consumer and acting responsibly in support of wider society. For example, this year we have deepened our focus on sustainability and launched a new Fossil Fuel Free Fund. 

We have been fighting for greater transparency in the pensions industry for several years, and we will never stop doing so, and we will work with our savers to continue to make positive changes in the world.

London is right for us

For any company planning to go public, one of the key considerations is where to IPO.

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Our plan has always been to IPO in London at the right time for us. For all of the advantages that the London market offers companies, this will also allow us to stand out on the highly-respected London stage and, importantly, give PensionBee access to global growth capital.  

We are exploring the High Growth Segment of London Stock Exchange’s Main Market, which would be a perfect vehicle as it was exclusively designed for rapidly growing companies like ours.

It supports founders as they continue to scale their business, creates a quality benchmark, and requires a three year compound revenue growth of 20% to join. We have seen how this has been a fantastic pathway towards the Premium segment. We know that if we were to launch an IPO this would just be the beginning of the next stage of our journey. 

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Crucially, we are a customer-focused business and we would want to give our customers an opportunity to participate in any IPO. Floating in London on the High Growth Segment is one way that would allow customers to share in our journey – our dedication to our customers is something that will never change, no matter how much we grow in size. 

Our customer-centric approach has been particularly important this year. The immense uncertainty and challenges that so many are facing has meant that the care we have for our customers has resonated with savers during this period.

This fast-growing consumer demand, exacerbated by the rapid change in behaviour towards online channels, signals a bright future ahead for PensionBee. We look forward to continuing to be a force for good in the industry, amplifying our customers’ voices and working to change the industry for the better.

Read more: London IPO market still floating on despite Covid-19 chaos

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