Zippen To Grow Pensions Access Offering Through £1M Investment Round
An innovative, tech-driven platform, which quickly and easily combines an individual’s pensions into one easy-to-manage pot, has launched a new investment round as it targets the UK’s growing workplace pension market. Zippen, which offers cost effective, fixed-pricing for individuals and flexi-pricing for corporates and master trusts, is aiming to raise £1m in growth investment.
With the average UK worker holding up to 11 different pensions from different employers throughout their working lives, Zippen uses innovative data capture technology to source the details and combined value of individuals’ various pension pots. The company then offers its customers simplified advice for pension transfers into an existing scheme, charging an affordable fixed fee starting at £95, the first in the market to be specifically regulated by the FCA to do this.
Zippen has tapped into a rising need for accessible and affordable advice, which is simply not possible for many individuals within the growing pensions market. Forecasts estimate more than 64m pension schemes will be in existence in the UK by 2028 with further research from 2018 reporting that a staggering 13.8 million pension pots have been lost. Targeting employees between 35 to 55 years old, with multiple neglected pots, whose focus is now on their likely income shortfall in retirement Zippen offers a transparent solution which includes a dashboard with easy-to-access pension information for its customers. It also works directly with people-focused companies providing advice to their existing and former employees who have contributed to auto-enrolment pensions.
Born out of frustration at the lack of an easy and affordable solution in finding and combining individuals’ pension pots, Zippen was founded by its Chief Operating Officer Ellie Tembras and Chairman Stuart Feast who have a combined 60 years’ experience in offering expert financial advice to consumers. The company’s senior management team also includes CEO Roddy Scaife, a commercial product leader with significant start-up experience within fintech and other sectors.
Zippen, which is on target to turnover around £460K this year, is now on course for major growth forecasting revenues of £2.4m in 2023.
The funds generated through the investment round will be used to bolster marketing and user acquisition and to grow Zippen’s corporate sales team. Additional investment will also go towards technology development to drive further operational efficiencies.
Zippen CEO Stuart Feast said: “Zippen provides an innovative and effective offering that supports employees with funds invested within the UK’s growing workplace pension market. Our solution helps people overcome the costly and lengthy process involved in sourcing and moving their pensions and, unlike existing pension providers, we combine our customers’ pots directly into the scheme they currently have.”
“As the first company to be FCA regulated to provide advice on switches into an existing scheme, we are seeing significant demand for our transparent and cost-effective offering. This investment round will enable us to fully maximise this market opportunity by supporting increased marketing and user acquisition, growing our team, and enhancing our technology to further improve customer service.”
For more details: https://www.zippen.co.uk
