Penfold has raised £3.9m from Gresham House Venture in its latest round of top-up funding.
Penfold says this additional funding will help it scale its presence in the UK SME and accountancy markets, and deliver enhancements to its app for both businesses and members.
The funding comes after a period of significant growth, with the number of employers using Penfold’s workplace pension tripling since the start of 2024 – from 1,200 to over 4,000. At the end of the the first quarter of 2025 Penfold has £668 million assets under administration, a 91 per cent increase over the same period, albeit from a relatively low starting point.
Penfold says this growth has been fuelled by its free salary sacrifice implementation service —which helps SMEs unlock valuable National Insurance savings, and the rapid expansion of its accountancy firm partner network.
Its proprietary platform enables businesses to sign up or switch their pension in minutes – a significant improvement over legacy providers
This is the first time that Gresham House as an institutional investor has invested in the digital pension provider.
Penfold co-founder Chris Eastwood says: “We’re seeing an overwhelming response from businesses looking for a better pension – whether to save money through salary sacrifice or to modernise the experience they offer their teams. This investment helps us meet that demand and push even further ahead.”
Gresham House Venture managing directors Trevor Hope and Rohit Mathur add: “Penfold is tackling a large and underserved part of the pensions market with an exceptional product and a clear understanding of how to support both employers and employees.
“Its momentum over the past year is impressive, and we’re excited to support the team as they continue to scale and deliver a much-needed alternative for UK businesses.”
