Penfold Funding News- British startup Penfold Raises €4.6 Mn To Further Develop Its Pension App

The funding will also help improve its pension app with new features for both savers and businesses.

The investment round was led by Gresham House Ventures, a growth investor focused on software and digital businesses in areas like enterprise solutions, healthcare, and consumer markets.

Chris Eastwood, Co-founder of Penfold, said: “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.”

Penfold provides a digital workplace pension through its own platform, allowing businesses to sign up or switch their pension plans in just minutes — a major upgrade compared to traditional providers.

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Penfold has grown rapidly, with the number of employers using its workplace pension rising from 1,200 to over 4,000 since early 2024.

Its assets under administration also jumped 91%, reaching nearly €830 million by the end of Q1 2025.

Penfold says its growth is driven by a free salary sacrifice service that helps SMEs save on National Insurance, along with a fast-growing network of partner accountancy firms.

Penfold will use the funding from Gresham House Ventures to expand in the UK SME and accountancy markets and to add new features to its pension app for both savers and businesses.

The investment will be held in the Baronsmead and Mobeus VCTs, managed by Gresham House.

This deal adds to a busy period for Gresham House Ventures. The firm is currently raising funds for its Baronsmead VCTs and has recently led investments in Mobility Mojo, an accessibility data platform, and Much Better Adventures, an adventure travel company.

Rohit Mathur, investment partner at Gresham House Ventures, said: “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.”

About Penfold

Penfold, founded in 2018, aims to simplify the UK’s €9.4 trillion pensions industry by making retirement saving easy, accessible, and engaging. Its digital platform lets employers quickly set up and manage pensions, use salary sacrifice, and provide employee benefits.