PensionBee outlines its top three reasons for basing its new United States business in New York

Ffion White

by , PR Manager

08 July 2024 /  

08
July 2024

A view of the New York city skyline from the water

PensionBee, a leading London-based online pension provider, has chosen to base its US business headquarters on the east coast of the United States, in New York City.

The London Stock Exchange-listed FTSE stock, UK financial technology leader, which has over £5 billion ($6.3 billion) assets under administration and more than 250,000 domestic customers, announced plans to launch in the US earlier this year. PensionBee outlines its top three reasons for basing its new United States business in New York This move will grant the UK company access to the US Defined Contribution pensions market - the world’s largest, accounting for roughly 80% of the global total and encompassing $22.5 trillion in assets.

The key strategic reasons for PensionBee choosing New York City include:

  • Global reputation and access to talent: New York City’s global standing as a hub for business and innovation attracts top-tier talent from around the world. PensionBee is committed to building a diverse and skilled workforce - which will see numerous new hires join the company as it grows - and New York’s rich talent pool is perfectly aligned with its needs.

  • Access to investors: New York City, known as the world’s financial capital, provides PensionBee with direct access to a vast network of investors. This proximity to major financial institutions will be instrumental in driving growth and supporting PensionBee’s mission to build pension confidence and make retirement savings accessible for everyone.

  • Time zone advantage: Situated on the east coast, New York’s time zone is only five hours separated from the UK, making it well suited for real-time collaboration. This proximity enables closer synchronised working hours, enhancing PensionBee’s ability to deliver responsive and cohesive service to all of its customers.

PensionBee’s presence in New York City will also bring significant economic benefits to the Big Apple.

The move will mean that PensionBee is able to contribute to the local economy by creating numerous job opportunities, hiring across various roles from tech and finance to customer service and operations and further strengthening the city’s position as a global fintech hub, adding to its already dynamic fintech landscape.

By situating its operations in New York, PensionBee will contribute to the ongoing economic growth and development of the city and its commitment to innovation and excellence, supporting its business objectives and benefiting the local community and economy.

Romi Savova, Founder and CEO at PensionBee, commented: “Choosing New York City for our US business was a strategic move to tap into the world’s largest Defined Contribution pension market and access a vast network of important stakeholders. New York’s status as the financial capital and its rich talent pool perfectly align with our mission to build pension confidence and make retirement savings accessible for everyone.

“Beyond operational benefits, our presence in New York will drive job creation and contribute to the city’s dynamic fintech ecosystem.”

Cecilia Kushner, Chief Strategy Officer at New York City Economic Development Corporation (NYCEDC), commented: “We are thrilled that PensionBee chose New York City as the location for its US business headquarters and for this cutting-edge company to join and contribute to the city’s robust tech community.

“NYCEDC is proud to have supported PensionBee in its decision to come to New York City, as doing business here offers unparalleled benefits such as access to top-tier talent, proximity to a thriving financial services ecosystem, and an introduction to the city’s diverse and international business networks. We look forward to our continued work with PensionBee as it grows its footprint in New York City, and to the local economic benefits including new jobs that this office opening will bring.”

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