Penfold, a digital pension provider focused on workplace retirement solutions, has raised £3.9m in fresh funding to expand its services across the UK.
According to UKTN, the round was led by Gresham House Ventures, with the investment held in its Baronsmead and Mobeus Venture Capital Trusts. The capital will support Penfold’s expansion into the UK’s small business and accountancy markets, as well as the development of its next-generation pension app.
Founded in 2018, Penfold operates as a challenger platform in the pensions space, offering digital-first workplace pension services through its own proprietary system.
The company plans to use the new funding to grow its customer base within the UK’s underserved SME sector and bolster its product offering with a newly developed pension app, aiming to improve the user experience for both employers and savers.
Penfold’s client base already includes fast-growing businesses such as FinTech firm Paddle and San Francisco-based artificial intelligence company Anthropic, demonstrating the appeal of its tech-led solution.
Penfold co-founder Chris Eastwood said, “This investment from Gresham House Ventures is a vote of confidence in our goal of bringing better pension solutions to businesses and savers and will enable us to further enhance our digital offering.”
Gresham House Ventures investment partner Rohit Mathur said, “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.”
The latest investment brings Penfold’s total funding to over £15m. This includes a £7m Series A round in 2022, which was led by Bridford Group.
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