Warren, a Ghent-based WealthTech platform operating its own regulated pension fund and offering AI-powered financial coaching to employees, has closed a €10m seed round to accelerate its Belgian growth and lay the groundwork for a wider European push.
The round was led by the venture arm of transatlantic investment fund Motive Partners, with F Capital joining as a new backer alongside returning investors Entourage, Syndicate One and 100IN.
Belgium’s supplementary pension system is under mounting strain. The country’s population is ageing, birth rates are declining and the worker-to-retiree ratio continues to shift in the wrong direction. Statutory pensions have long been insufficient to bridge the gap, yet the median supplementary pension reserve held by Belgian employees between the ages of 56 and 65 stands at under €10,000. A significant portion of those savings sit in branch 21 group insurance products, which promise nominal returns but deliver very little in real terms once inflation and fees are stripped out. Branch 23 products invest more dynamically, yet persistently high management charges erode returns year after year. Employees typically receive one document annually that few understand, while group insurance remains one of the costliest line items in the compensation budget and one of the least valued. By contrast, countries such as Australia, the Netherlands and the Scandinavian nations have structured their supplementary pension systems around compounding over long time horizons. In Australia, employers must contribute at least 11% of gross salary into pension funds that invest broadly across capital markets, resulting in approximately €2,500bn in pension capital, equivalent to roughly twice the country’s GDP. Belgium’s second-pillar reserves amount to less than a fifth of GDP.
Warren obtained an IBP licence in June 2025 and has since operated Warren Pension Fund OFP, a regulated fund supervised by the FSMA that invests through a diversified portfolio of equity and bond exchange-traded funds. There are no entry or exit fees, no percentage-based charge on assets under management, and no additional cost for companies that switch provider. Employers pay a fixed subscription, and the full investment return goes to the employee. Within its first year of operations, around a hundred Belgian companies, including Lighthouse, Yuki, Wintercircus and Poppy Mobility, have moved their pension arrangements to the platform, with thousands of employees now accessing it on a daily basis. The new capital will be used to expand Warren’s team by around thirty people and fund the groundwork for entry into one or two larger European markets after consolidating in Belgium, with the company targeting 100,000 employees on the platform by 2028.
On top of the pension fund itself, Warren provides a financial coaching platform that supports employees across their broader financial lives. An AI coach within the Warren app draws on data from multiple sources, including the employer’s compensation package, information from Mypension.be and bank transactions accessed via PSD2. Employees can use it to understand what income they would fall back on during long-term illness, how much to set aside to retire at a particular age, or how best to renegotiate a mortgage. For those who want to speak with a human expert, video consultations are available with nine domain specialists covering areas from loans and insurance to investment planning.
Warren co-founder and CEO Cedric De Vleeschauwer said, “The vast majority of Belgians save for their retirement in financial products that erode their purchasing power year after year, even though retirement is by definition a long-term horizon. This is an enormous social problem whose severity remains chronically underestimated. It’s not just about our pension. It’s about our prosperity, today and for future generations.”
Warren co-founder and CCO David Du Pré said, “Finance and HR teams are hearing the same question more and more: where does this money actually go, and what do I really get back? Traditional pension products are still too often a black box. The money leaves, but it generates neither a better financial outcome for the employee nor a stronger employer brand. Employers understand the urgency now, and they’re not waiting around.”
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