Penfold, the UK-based digital pension provider, has raised £3.9 million in fresh capital to accelerate its growth across the UK’s SME and accountancy firm landscape. The round was led by Gresham House Ventures, a growth equity investor known for backing digitally driven businesses across sectors like enterprise software, healthcare, and consumer services.
This new funding builds on Penfold’s earlier £7 million Series A round in 2022 and a successful crowdfunding campaign in early 2025, which brought in just over £1 million from individual investors.
The latest investment—sourced from Gresham House’s Baronsmead and Mobeus VCTs—will fuel Penfold’s next stage of expansion. The company plans to double down on its UK-wide SME strategy, deepen ties with the accountancy sector, and roll out new platform features to enhance the pension experience for both employers and savers.
Penfold’s Rapid Rise: Product-Led Growth Meets Market Demand
Founded in 2018 by Chris Eastwood and Pete Hykin, Penfold aims to overhaul the outdated £9.4 trillion UK pensions sector. Its mission: make workplace pensions simpler, faster, and more engaging through a fully digital platform.
Unlike legacy providers, Penfold allows businesses to set up or switch pension plans within minutes. It offers integrated salary sacrifice options and user-friendly dashboards that reduce admin and boost savings—making pensions more accessible for SMEs.
Since the start of 2024, Penfold has seen explosive growth. The number of employers using its workplace pension solution surged from 1,200 to over 4,000 by Q1 2025. Meanwhile, assets under administration climbed by 91%, nearing the £700 million mark.
That growth has been fueled by two standout strategies:
- A free salary sacrifice setup service that helps SMEs cut National Insurance costs
- A fast-growing partner network of accountancy firms, which has become a major distribution channel
Together, these initiatives have made Penfold a go-to choice for small businesses seeking a streamlined, digital-first pension experience.
Positioned for Scale in a Changing Market
By combining a sleek digital interface with hands-on employer support and built-in tax benefits, Penfold is reframing pensions as not just compliance obligations—but as meaningful employee perks.
With Gresham House Ventures now onboard, the company is positioned to scale faster and lead the shift away from legacy systems toward modern, intuitive pension solutions tailored for today’s agile businesses.
Chris Eastwood, Penfold’s co-founder, said the funding represents a strong vote of confidence: “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 investment partner Rohit Mathur added: “We have been impressed with Penfold’s commercial traction… With significant potential to further boost its customer base and bolster its digital offering, we are excited to support Penfold’s continued progress.”
As the digital pension race heats up, Penfold’s momentum reflects a broader shift in UK financial services—one where digital innovation, user experience, and speed are fast becoming the new standard.
