Revolut adds pensions to platform through PensionBee

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Banking app Revolut will begin to offer users pensions through a partnership with fellow London startup PensionBee.

The move follows Revolut’s announce that it will now compete with remittances unicorn TransferWise as it continues to add services to its offering.

The partnership will allow users to add their old pensions into a single online plan, add more pensions as they change jobs and make contributions towards it.

Revolut founder and CEO Nik Storonsky explained: “There is a real issue whereby people are unaware of their pension plans and contributions from previous employers.

“This partnership will be an industry-first to help people bring all of their previous pension contributions into one simple online account, where they will have full control and access to their retirement fund.”

PensionBee counts more than 30,000 users and claims to move £4m of old pensions to its platform each week.

The startup’s CEO Romi Savova said: “We are excited to broaden PensionBee’s reach through our Revolut partnership.

“Both PensionBee and Revolut put customer empowerment, online experience and transparency at the heart of our offering. We believe Revolut users will love their new PensionBee pensions and managing their retirement savings online!”

The deal between the two London companies is just the latest in Revolut efforts to expand its platforms offerings.

It is also partnered with online mortgage broker Trussle and Lending Works to offer users access to instant credit.

Revolut has raised more than $15m in funding to date including a $1.32m equity crowdfunding round on Crowdcube in July 2016.

Copyright © 2017 FinTech Global

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