Mon, Dec 23 2024
PensionBee, an online-only pension service established in the UK, has collaborated with a US-based financial institution to increase its market share.
Under the proposed strategic agreement with the unidentified partner, the London-listed online pension provider claimed that it will offer services in the US through PensionBee Inc., which will be based in Delaware and have its headquarters in New York.
According to the statement, the partner would contribute marketing funds and its marketing experience, while the UK-based pensions provider will oversee US business operations and supply cash from its own resources. Driven by strong expansion, PensionBee anticipates that its US company will reach at least the size of its UK one by 2034.
After the parties have reached a final, legally binding agreement and obtained the required approvals, it plans to launch in late 2024.
Previous PensionBee news
PensionBee and Snoop, a UK money-saving app, partnered in September 2022 to help users manage their money better. The cooperation provides capabilities such as tailored money-saving recommendations and pension calculators through Open Banking connections with different money apps.
Snoop leverages Open Banking data to deliver customised insights that assist customers in managing their spending, lowering expenses, clearing debts, and increasing savings without transferring banks. PensionBee integrates with personal financial management systems like Emma and Money Dashboard to offer pension administration solutions including real-time balance checks, contribution settings, and retirement income estimates.
The pension provider and Plaid have teamed up to expand Open Banking into Open Finance in October 2021 with the goal of giving people more financial control. Open Banking has made strides towards streamlining consumer financing; yet, the pension business continues to face challenges in the form of opaque fees and paper-based documentation that prevent consumers from participating in retirement planning. PensionBee connects with personal financial management tools to provide a holistic view of money and enables users to combine numerous pensions onto a single platform.
PensionBee and Plaid have partnered to address issues with pension transfers and contributions. This partnership makes it possible for account contributions to be made more quickly and easily via Plaid's Open Banking platform. Through this relationship, the contribution procedure is streamlined and becomes nearly instantaneous, instead of a two-week nightmare. Furthermore, consumers will be able to link external financial accounts with PensionBee through future integration with Plaid's Open Banking network, which will facilitate smooth pension transfers when changing jobs and offer insights on growing one's money based on current actions.
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