Penfold is a London-based provider of a platform offering a digital corporate pension plan. Its core product is a proprietary platform and pension app that lets companies sign up or change their pension plan in minutes while providing a digital experience with dedicated employer support. The platform supports features such as implementing salary sacrifice and helps employers offer a company benefit that their team will actually use. Penfold raised £3.9M in funding, led by Gresham House Ventures. The company intends to use the funds to grow its presence across the UK SME and accountancy markets and to accelerate development of its pension app with new features for savers and businesses. The article does not provide operating metrics or prior financing history. Penfold operates a next‑generation digital pension platform and mobile app that lets users set up a pension, combine old pensions, contribute easily and plan for retirement. The firm launched initially for the self‑employed and has expanded to serve all individual savers and employers through a workplace pension launched in autumn 2021. It reports 25k+ customers, £90m+ assets under administration and 4x growth in customer assets year‑on‑year, and charges a fee on AUA. Penfold says it has signed 150+ businesses (about 6.5k employees) including Cuvva, Elvie and Attest, and aims to scale its B2B workplace product. The company is FCA‑regulated as a pension operator and uses an in‑house technology platform. Penfold has previously raised capital (£14m to date) from FinTech VCs and backers of Spotify, Adyen and Dropbox and is pursuing further growth via its current crowdfunding round. Penfold provides a full-stack pension delivered through a smartphone app targeted at freelancers who rarely save. The company rebuilt pension back-end infrastructure from scratch to enable instant, low-cost processes and pairs that with an app and human customer service. Key features include a “Find my pension” tool to locate old employer pots, five investment plans based on age/risk, and multiple funding methods (direct debit, open banking top-ups, transfers). Users receive HMRC 25% tax top-ups and are charged a 0.75% annual fee on pension balances with no other fees. Penfold recently secured regulatory approval from the FCA to operate a pension directly rather than relying on third parties. The product competes with traditional providers like Standard Life, Scottish Widows, Aviva and AJ Bell.

Total raised

$22M

Funding rounds

3

Latest round

Equity

Latest activity

May 2025