Penfold, a Digital Pension Fintech Company Raises £3.9m

Gresham House Ventures, a growth equity firm renowned for supporting software and digitally advanced companies in the consumer, healthcare, and corporate sectors, led the round.

Penfold, a digital pension provider based in the UK, In a funding round headed by Gresham House Ventures, has raised £3.9 million in new capital to expand its clientele among small and medium-sized businesses and accounting firms and to speed up product development through a unique platform that provides a digital workplace pension that allows companies to sign up or switch pensions in a matter of minutes. As it strives for profitability and strengthens its position in the UK’s SME and accounting sectors, fintech—which provides a digital workplace pension platform—aims for even more growth.

Penfold’s technology, which enables companies to swiftly establish or modify workplace pensions, has seen a sharp increase in use in 2024. And since its beginning in 2024, the number of employers utilizing Penfold’s workplace pension has increased thrice, from 1,200 to over 4,000. By the end of Q1 2025, assets under administration had increased by 91% to almost £700 million.

Penfold’s free salary sacrifice implementation service, which assists SMEs in lowering their National Insurance premiums, and the company’s rapidly growing network of accountant partnerships have both contributed to this expansion.

This most recent fundraising effort comes after a successful crowdfund precisely in February, earlier this year that raised over £1 million and a £7 million Series A round in 2022.

The business traction of Penfold, which is at the forefront of upending the pensions sector, has impressed us, according to Rohit Mathur, investment partner at Gresham House Ventures. We are thrilled to assist Penfold’s ongoing development as it moves into the next stage of its expansion, as it has a great deal of potential to increase its clientele and strengthen its digital offering in the years to come.

According to Penfold, the additional funding would help the company grow its user base and will strengthen its efforts to turn a profit by expanding its footprint in the UK’s SME and accounting sectors and quickening the creation of its pension app, and will improve its pension program by adding new features for businesses and savers and hasten its path to profitability. Also Gresham House will administer and provide advice for the investment, which will be spread between the Baronsmead and Mobeus VCTs.

“This is a vote of confidence in our goal of bringing better pension solutions to businesses and savers,” said Chris Eastwood, co-founder of Penfold, in response to the investment. Given Gresham House Ventures’ outstanding history of assisting rapidly expanding companies like ours, we are optimistic that this investment will help us build on our recent success.

The agreement prolongs Gresham House Ventures’ hectic period, as the company is now soliciting money for its Baronsmead VCTs. Mobility Mojo, an accessibility-focused digital platform, and Much Better Adventures, a scale-up for adventure travel, are recent investments.

This most recent investment round is a big step toward changing workplace pensions for both modern businesses and savers, as Penfold seeks to solidify its position as a major player in the digital pensions industry.