Digital pension provider Penfold has successfully secured £3.9 million in a funding round led by Gresham House Ventures.
Penfold offers a digital workplace pension through its unique platform, allowing businesses to enroll or transition their pension plans within minutes. Since the beginning of 2024, the number of employers utilizing Penfold’s workplace pension services has surged from 1,200 to over 4,000. Additionally, assets under administration have seen a remarkable growth of 91%, reaching nearly £700 million by the end of Q1 2025.
In 2022, the company raised £7 million in a Series A funding round, and more recently in February, it garnered over £1 million through an oversubscribed crowdfunding campaign.
Rohit Mathur, an investment partner at Gresham House Ventures, expressed enthusiasm about Penfold’s commercial momentum. “We have been impressed with Penfold’s ability to disrupt the pensions sector. With considerable opportunities to expand its customer base and enhance its digital offerings in the coming years, we are eager to support Penfold as it embarks on the next phase of its growth.”
The recent funding will enable Penfold to focus on achieving profitability by enhancing its presence within the UK SME and accountancy sectors, as well as accelerating the development of its pension app with new features tailored for both savers and businesses.