Float like a butterfly, sting like a PensionBee: Fintech seeks London IPO

By Aisling Finn on Monday 16 November 2020

Savings and Investment

The pensions fintech looks set to be one of the first of the household fintech names to pursue a listing on the London Stock Exchange.

Float like a butterfly, sting like a PensionBee: Fintech seeks London IPO
Image source: Romi Savova/PensionBee

In a somewhat unexpected twist, online pension provider PensionBee has announced it is exploring a listing on the London Stock Exchange (LSE). 

According to The Times, the fintech’s floatation on the stock market could see its valuation reach more than £300m. 

In a blog entry posted to PensionBee’s website, CEO and co-founder Romi Savova wrote: “A listing is the next step in our development, and we are very excited by the potential that comes with being a public company.” 

PensionBee has always envisaged making the transition from being a private company to a public one. A listing on the London Stock Exchange will increase the profile of PensionBee and enable us to access capital, which we will invest in continuing to grow the business,” she continued. 

As well as announcing its intention to list, PensionBee has appointed city veteran Mary Francis to help the fintech gear up for its upcoming IPO. 

Francis previously held non-executive directorships at the Bank of England, Aviva, Swiss Re and is on the board of directors at several companies such as Barclays and Valaris pls. 

In the blog post, Savova also mentioned that she wants current PensionBee customers to have the opportunity to participate in the listing itself, adding that “a company built for our customers can also be owned by our customers.” 

With a listing on the LSE, Savova and many of her colleagues could be set to bank a considerable chunk of cash, with the CEO and founder and some fellow colleagues owning 60 per cent of the business already.  

Savova was the highest placing woman on the Telegraph’s Tech Hot 100, coming in at fifteenth with a net worth of around £108m. 

Just last week, the online pension provider announced that it is set to step into the world of sustainable investing, offering a fossil-fuel-free investment plan for savers that want to exclude coal, oil, gas, tobacco, arms companies and more from their investments. 

PensionBee has over £1.2bn in assets under administration from over 65,000 invested customers.

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