PensionBee ramps up marketing spend for US expansion
Ahead of its expansion into the US, online pension provider PensionBee is significantly increasing its marketing investment and growing its team.
Last month, the provider announced its partnership with a larger, US-based financial institution that will provide “substantial marketing funding” for PensionBee’s new US arm.
Jasper Martens, chief marketing officer at PensionBee, told Financial Promoter that the expansion into the US will begin modestly, with a predominantly digital-channel mix to acquire its first few thousand customers.
“The second stage will be to engage and build relationships with influencers and the media,” he said.
As well as global support from PensionBee’s London-based marketing function, the expansion will see a small, local marketing team stationed in the New York office, with Martens taking to LinkedIn in search of a new head.
“We are on a mission to solve the painful process of 401(k) rollovers. The problem is exactly the same as what we encountered in the UK when we started,” Martens said.
401(k) rollover is the US term for pension transfers, allowing the transfer of assets from a previous pension fund.
Romi Savova, CEO at PensionBee, said its straightforward approach and innovative, tech-led approach to online retirement savings will help millions of US-based customers.
Given the potential market opportunity in the US, PensionBee’s US business is expected to grow rapidly and match the size of its UK business over the next decade, the company said.