PensionBee Limited announced plans to float on the main market of the London Stock Exchange.
The online pensions provider had around 130,000 active customers and £1.5bn assets under administration (AUA) as of February 28.
Founded in 2014 by chief executive Romi Savova and chief technology officer Jonathan Lister Parsons, it sets out to simplify pension savings by allowing customers to combine their pensions and invest in one of a range of online plans, forecast how much they are expected to have saved by the time they retire and drawdown through their retirement.
The IPO would comprise new shares offered to institutional investors and eligible customers of PensionBee, with a price yet to be determined.
Over 8,000 eligible customers have registered their interest through PrimaryBid so far.
The firm’s strategy is to continue investing in customer acquisition and technology as it eyes the UK market of 40.8mln non-workplace and dormant workplace pension pots.
PensionBee estimates each consumer has approximately 2 pots, therefore there could be approximately 20.4 million individuals within its core target market.
In the year to December 31, AUA nearly doubled to £1.3bn from £745mln the year before, with customers rising to 119,000 from 64,000.
Revenue jumped to £6.2mln from £3.5mln in 2019 but underlying losses extended to £10.4mln from £5.9mln.