The London-listed online pension company said that it will provide services in the US through PensionBee Inc--which will be established in Delaware and headquartered in New York--under the proposed strategic relationship with the unnamed partner.
The Uk-based pensions provider will manage the US business operations and provide financing from its own resources while the partner will provide its expertise and marketing funding, it added. PensionBee expects its US business to become at least the size of its UK one by 2034, fuelled by rapid growth.
It intends to launch in late 2024, once the parties have entered into a final binding agreement and received the necessary approvals.
In September 2022, PensionBee has teamed up with the UK money-saving app Snoop to enable consumers to manage their finances effectively. Through Open Banking integrations with various money apps, the partnership offers tools like pension calculators and personalised money-saving tips.
Snoop utilises Open Banking data to provide tailored insights for finding saving opportunities, helping clients manage spending, reduce bills, pay off debts, and grow savings without changing banks. PensionBee provides pension management solutions such as real-time balance checks, contribution setups, and retirement income projections, with integrations to personal financial management tools like Emma and Money Dashboard.
In October 2021, the pension provider and Plaid have partnered to extend Open Banking into Open Finance, aiming to empower individuals with greater control over their financial lives. Despite progress in simplifying consumer finance through Open Banking, obstacles such as paper-based documents and confusing fees persist in the pension industry, hindering engagement with retirement planning. PensionBee allows users to consolidate multiple pensions onto one platform and integrates with personal financial management tools for a comprehensive view of finances.
To address challenges in pension transfers and contributions, PensionBee has collaborated with Plaid, enabling faster and easier account contributions through Plaid's Open Banking platform. This partnership streamlines the contribution process, turning it from a two-week ordeal to an almost instantaneous one. Additionally, future integration with Plaid's Open Banking network will enable customers to connect external financial accounts with PensionBee, providing insights on growing their finances based on current actions and facilitating seamless pension transfers when changing jobs.
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