Amsterdam-based Brand New Day is an online pension bank that provides asset management, wealth management, and insurance brokerage services. Founded in 2009, Brand New Day has just raised an investment of €25 million from existing investors.
Thanks to a rapid growth in customers, Brand New Day has been already been profitable for several years. The new investment will be used to strengthen the bank’s equity so that it can grow faster in the pension savings market in the coming years.
Brand New Day has had a banking license since 2017, and can therefore offer products based on savings. To attract and release pension savings, a bank must hold a certain amount of equity, and the extra equity gained from this recent investment will allow Brand New Day to grow faster in the pension savings market and thus increase its profitability.
“Pensions used to be quite dull,” said Director Kalo Bagijn. “Something that was arranged for you and that you didn’t have to worry about. That has changed; massive discounts on pensions are imminent, and young people consider retirement after salary the most important employment condition and discuss it with their friends. The sustainability and future of our pension system has become part of the national debate. Brand New Day has established itself as a newcomer in the pension battle, and we are growing fast. Currently, around 260,000 account holders and 4,500 companies have entrusted Brand New Day with their pension.”