Monzo has announced plans to launch a new pension consolidation feature on its app.

The feature will help the challenger bank’s customers track down old pensions and combine them on the platform.

The move comes as research from Monzo finds that an estimated 24 million people don’t know how much they have saved for retirement.

Monzo's nine million customers will be able to share a few details and names of former employers, with the digital bank tracking down and bringing together all old pensions into a BlackRock-managed retirement fund.

Monzo said that customers will be able to register their interest in the app from Wednesday, with the new feature gradually rolled out to customers over the coming months

“We know from speaking with our customers that visibility and knowledge of their pension is low and anxiety is high - so we’ve designed Monzo Pension to solve exactly these pain points. Managing multiple pensions and planning for retirement is unnecessarily complex, which means people default to avoiding it and end up on the back foot," said Andy Smart, general manager of savings, investments and pensions, Monzo. "Now our customers can get on the front foot and keep tabs on their future financial goals alongside the rest of their finances in the Monzo app - planning not just for today or next month, but for years to come.”

In February, Monzo announced that it had raised £340 million, giving the company a valuation of £4 billion.

Several months later, a report from Sky News said that the digital bank was planning to raise a further £500 million in a fundraising round led by early growth investor Hedosophia.

The move would see Hedosophia acquire a stake in the British FinTech.

The news website said that one unnamed source told it that Singapore’s Government Investment Corporation (GIC) will also contribute an estimated £50 million to the funding round.

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