Pensionbee reveals plans for ‘£350 million’ IPO as CEO says host of tech firms listing is ‘great trend for UK’

Pensionbee has announced plans to float on the the high-growth segment of the London Stock Exchange in a listing sources expect to value the fintech firm at around £350 million.

The company - dubbed the “Monzo of pensions” - allows users to port over and manage all their previous pensions in one place.

Pensionbee saw revenues grow by 77% in 2020 to £6.3 million. It now manages £1.5 billion for around 130,000 customers, and is working with LSE-backed retail investor platform Primary Bid to offer its users the chance to become shareholders through the IPO.

Co-founder and chief executive, Romi Savova, launched the company in 2014 after working in finance at Goldman Sachs and Morgan Stanley, told the Standard the PrimaryBid partnership is “transformational” and that it is “so important to have our customers on board”. More than 8,000 customers have registered interest so far.

Savova, 35, said: “It feels like a momentous day, and we are just very much looking forward to what the future holds as a listed company.

"We grew our metrics by over 80% through the course of 2020, and that growth rate has persisted into 2021. I think it has to do with a structural transition to digital, and the fact that people are getting more on top of their finances generally as part of this new order - and we only expect that to continue as the digital economy gathers more pace.”

A flurry of technology companies large and small have floated or announced plans to float on the London market in recent months after seeing a lockdown boom - from Deliveroo and Trustpilot to Parsley Box and Virgin Wines.

Savova labelled it “a great trend for the UK”, and highlighted the level of “transparency and accountability” listings bring.