The Stockholm-based startup Pensure has developed a digital platform where companies can easily subscribe and manage their occupational pensions. Pensure offers Sweden's most affordable occupational pension with savings of about 24% compared to competitors*. In connection with its launch, Pensure now takes in SEK 5.6 million from the existing owners and Wellstreet Ventures Fund I.
During the 2000s, Sweden’s pension industry has undergone a significant transformation, where more and more larger enterprises, through procurement, have access to lower prices for their occupational pensions. On the other hand, there is no such opportunity for the vast majority of SMEs - especially those not covered by collective agreements, which means that small businesses must pay regular fees to the insurance companies. This is precisely what the insurtech startup Pensure wants to change.
Pensure offers a simple and user-friendly platform where companies get access to Sweden's most affordable occupational pensions with savings of about 24%*. Pensure's customers get access to occupational pensions without any insurance fees and are offered a discount on the underlying funds, which means a significantly higher pension compared to competitors.
Behind Pensure are the founders Mikael Claesson (CEO), Lars-Ola Hahlin (CFO) and Ervin Fazlic (CBDO). Mikael Claesson is a veteran in the pension industry with over 30 years of experience from the Stenbeck sphere and the Swedish Trade Association. Mikael has previously been co-founder and CEO of Movestic (formerly Modern Insurance Life), and CEO of SH Pension (Svensk Handel / Swedish Trade Association). Lars-Ola Hahlin is an insurance mathematician who has held several senior positions within Movestic and has been CEO of Swedish Trade Fund Insurance.
Since the start of its operations back in 2018, Pensure has entered into partnership agreements with the Småföretagarnas Riksförbund (Small Business Enterprises Association) and bookkeeping startup Bokio. The company also has taken in SEK 5 million to finance the development of its technology. Pensure’s platform has been in beta since May 2019 and currently has hundreds of customer companies. Now, a year later, Pensure is now launching and will be available to all companies in Sweden.
We want to challenge the pension market's giants with a modern technology and a disruptive pricing model that gives a higher pension. It should be our customers' employees who will live on the pension - not the intermediaries and insurance companies. We have developed a fantastic service that has been tested for over a year. Now we are ready to move on to the next phase with a great focus on upscaling and growth, says Mikael Claesson, co-founder and CEO of Pensure.
In connection with the launch, the company carries out a new share issue of SEK 5.6 million. In addition to the existing owners, which includes the founders and business angel and hockey legend Mattias Weinhandl, Wellstreet is added as a new investor. Pensure will thus be the first investment in Wellstreet's first fund, Wellstreet Ventures Fund I, and will be part of the Wellstreet Fintech Loft accelerator program in collaboration with cloud company Amazon Web Services, among others.
With digitization entering all aspects of our lives, it makes no sense for SMEs to sit in long meetings with the bank or have to go through piles of forms to offer employees pension plans that require complicated and time-consuming administration. Pensure's disruptive approach to pension provision, with a simplified, affordable and sustainable offer, delivered through a seamless user experience, is the perfect fit for investment from our first fund’ commented Jessica Rameau, Partner & Fund Manager at Wellstreet.
Armando Coppola, Wellstreet's latest partner and Head of Fintech will join as a new board member of Pensure. Armando has over 13 years of experience in finance and insurance, including as a partner manager at Avanza and most recently comes from a role as a sales manager at Nordnet Bank
Pensure has succeeded in creating a digital pension solution for both consulting and administration, which gives small business owners the same opportunities and prices that large companies receive after extensive procurement. I look forward to working with this knowledgeable team within the framework of Fintech Loft and Wellstreet, says Armando Coppola.
* How the calculation has been made:
When compared with its competitors, the pension for employees using Pensure is about 24.4% higher than the ordinary insurance companies' Swedish fees and 9.2% higher than the customers using Avanza and Nordnet. Prerequisites: Employed 30 years, saving SEK 5,000, return 4%, saves to age 65, paid for 20 years. For the sake of comparison, the money is invested in all cases in the Lannebo Småbolag Fund. The insurance companies' ordinary fees are defined here as the average of Futur, Länsförsäkringar and Swedbank's ordinary fees.