04 March 2024

PensionBee to enter the US market

Written By FinTech Alliance in Pensions

PensionBee to enter the US market

UK-based online pension provider PensionBee is to expand into the $22.5tn Defined Contribution pension market in the US.

In brief:

- The UK pension provider has entered into an exclusive, non-binding term sheet with a large US-based global financial institution which will provide expertise and "substantial marketing funding" to help the firm break into the US arena.

- PensionBee will deliver the US service through PensionBee Inc, to be established in Delaware as a wholly-owned subsidiary of PensionBee Group plc, with operational headquarters in New York.

- At the end of 2023, PensionBee had £4.4bn of Assets Under Administration on behalf of approximately one quarter of a million invested customers.

What does this mean?

Romi Savova, CEO of PensionBee, comments: "In the year of our 10th anniversary, having demonstrated underlying profitability, we have entered discussions with a view to deploying our award-winning customer proposition, supported by our innovative technology platform and marketing approach, in the United States of America. This is a transformative step for PensionBee and for our stakeholders."

Read more here.

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