Penfold Secures £3.9M Funding to Expand Innovative Digital Workplace Pensions Platform

Penfold Secures £3.9M Funding to Expand Innovative Digital Workplace Pensions Platform

Penfold, a leading digital pension provider, is making significant strides in the UK workplace retirement solutions market, having successfully raised £3.9 million in new funding. This investment will facilitate its expansion efforts and enhance its innovative services tailored for small businesses and accountancy firms.

Funding Round Led by Gresham House Ventures

The recent funding round was spearheaded by Gresham House Ventures, utilizing resources from its Baronsmead and Mobeus Venture Capital Trusts. This influx of capital is aimed at supporting the growth of Penfold’s operations across the UK, particularly in the small business sector.

Expansion Plans and New Features

Founded in 2018, Penfold has positioned itself as a challenger in the pensions industry, offering a digital-first approach to workplace pensions through a proprietary platform. The company intends to:

  • Expand its customer base within the underserved UK SME market.
  • Introduce a next-generation pension app designed to enhance user experience for both employers and employees.

Notable Clients and Industry Recognition

Penfold’s client roster includes rapidly growing companies such as Paddle, a FinTech firm, and Anthropic, an artificial intelligence company based in San Francisco. This showcases the effectiveness of Penfold’s tech-driven pension solutions.

Statements from Company Leaders

Co-founder Chris Eastwood expressed his enthusiasm regarding the investment, stating, “This funding from Gresham House Ventures represents a strong endorsement of our mission to provide superior pension solutions to both businesses and savers. It will empower us to enhance our digital offerings further.”

Adding to this, Rohit Mathur, an investment partner at Gresham House Ventures, remarked, “We are impressed by Penfold’s commercial momentum as it disrupts the pensions industry. The potential for expanding its customer base and enhancing its digital services in the coming years excites us as we support Penfold’s growth journey.”

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Total Funding to Date

This latest funding round brings Penfold’s total capital raised to over £15 million, including a notable £7 million Series A round in 2022 led by Bridford Group.

For more insights into the digital pension landscape and workplace retirement solutions, visit our pensions resource page.

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