This was a fortuitous turn of events in more ways than one. Not only did it allow Romi to satisfy her yearning for purpose, but joining as the business’ 4th employee gave her the opportunity to experience – and fall in love with – the process of building a purpose-driven company from ground zero, which would prove crucial to the creation of PensionBee.
How PensionBee embodies its purpose
“When I left Morgan Stanley, I had to move my pension”, Romi explained, “but I found it really difficult to find anyone who even wanted my money.” All the existing pension providers refused to talk to Romi directly. Instead, they recommended enlisting the help of a financial advisor, but – somewhat unbelievably – none of them would take her on either because her pension wasn’t big enough.
This experience fused with her newfound love of building businesses to form the idea for PensionBee, but the evolution of the business thereafter was not a product of chance. It was meticulously mapped out from the very beginning, with every decision curated to help the business achieve its purpose. Of all the decisions PensionBee made, undoubtedly the most intriguing were those concerning governance and funding. You would expect, for instance, that a new, exciting, technology-driven business with fresh ideas on a somewhat forgotten sector would be the perfect candidate for VC funding, but Romi had a different perspective.
“VC never made sense for me”, she declared. “VC makes sense for VCs. But I don’t think it makes sense for all the other stakeholders, including entrepreneurs, customers, and employees.” Her reasoning, she explained, was that VC-backed businesses must grow at breakneck speed. They are high risk, high reward ventures, with relatively low success rates.