Penfold Secures £3.9M to Scale Digital Pension Platform
Digital pensions provider Penfold has raised £3.9 million in fresh funding, with Gresham House Ventures leading the round. The fintech, which offers a digital workplace pension platform, is targeting further expansion as it works toward profitability and deepens its presence across the UK’s SME and accountancy sectors.
Penfold’s platform allows businesses to quickly set up or switch workplace pensions, and its momentum has surged in 2024. Since the start of the year, the number of employers using its pension solution has grown from 1,200 to more than 4,000, while assets under administration have climbed 91% to nearly £700 million by the end of Q1.
This latest raise follows a £7 million Series A round in 2022 and a successful crowdfund earlier this year, which brought in over £1 million.
Rohit Mathur, investment partner at Gresham House Ventures, commented: “We have been impressed with Penfold’s commercial traction as it leads the charge in disrupting the pensions industry. With significant potential to further boost its customer base and bolster its digital offering over the coming years, we are excited to support Penfold’s continued progress as it enters the next phase of its growth.”
Penfold says the new capital will help expand its user base, enhance its pension app with new features for businesses and savers, and fast-track its route to profitability.
