Digital pension provider Penfold has raised £3.9 million in a funding round led by Gresham House Ventures.
Penfold offers a digital workplace pension via a proprietary platform, which enables businesses to sign up or switch their pension in minutes.
The number of employers using Penfold’s workplace pension have tripled since the start of 2024 - from 1,200 to over 4,000, Assets under administration have grown by 91% to nearly £700 million by the end of Q1 2025.
The company last raised £7 million in Series A funding in 2022 and in February it drummed up just over £1 million via an over-subscribed crowdfund campaign.
Rohit Mathur, investment partner at Gresham House Ventures, says: “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 fresh funds will boost its drive to reach profitability, by growing its presence across the UK SME and accountancy markets and accelerating the development of its pension app with new features for savers and businesses.