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‘Transformative step’: Pensionbee, led by boss Romi Savova (pictured), is setting up an operation in New York
Pensionbee has described its US expansion plans as a “transformative step”.
The online pension provider is setting up a New York operation in partnership with an unnamed “US-based global financial institution.”
The move will see the ten-year-old company enter the world’s largest defined contribution market, with £17.7 trillion in assets, or 80 per cent of the global total.
The shares rose 6.7 per cent, or 6p, to 96p. Pensionbee is an app that brings together pension contributions in one place. In the UK, it had £4.4 billion in assets under management at the end of last year.
Its American partner will provide “significant marketing funding.” Boss Romi Savova said: “This is a transformative step for Pensionbee.”
He said many American savers “are still struggling to adequately prepare for retirement amid a host of confusing and difficult-to-use investment options.”
Pensionbee, which will publish full annual results next week, said it was on track to be profitable in the UK by fiscal 2024.