Penfold secures £3.9m from Gresham House Ventures to expand digital pension platform.
The funding will support growth among UK small businesses and product development.
Penfold is a digital pension provider that builds modern platforms for workplace pensions and retirement savings.
Penfold has raised £3.9m in fresh capital led by Gresham House Ventures to expand its reach among small businesses and accountancy firms. The funds will also support the continued development of its proprietary workplace pension platform.
The latest injection follows a £7m Series A in 2022 and a crowdfunding campaign earlier this year that brought in over £1m. Penfold reports rapid growth, noting that the number of employers using its service has tripled since the start of 2024 to more than 4,000.
Bosses plan to use the proceeds to accelerate product innovation and drive profitability. The company aims to replace legacy pension systems with streamlined digital tools that simplify setup and salary sacrifice administration.
From the founder
"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 has a fantastic track record of supporting fast-growing businesses like ours so we are confident this investment will enable us to accelerate our recent momentum."
Chris Eastwood
Co-founder at Penfold
Investor perspective
"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."
Rohit Mathur
Investment partner, Gresham House
Use of funds
- 01Continue product development
- 02Expand into international markets
