Penfold, a workplace pension provider, has raised £3.9m in a funding round led by Gresham House Ventures, alongside existing investors.
Penfold offers a digital workplace pension via a proprietary platform, which enables businesses to sign up or switch their pension in minutes – a significant improvement over legacy providers. The business has seen significant growth in recent years, with the number of employers using Penfold’s workplace pension tripling since the start of 2024 – from 1,200 to over 4,000 – and assets under administration rising by 91% to nearly £700 million by the end of Q1 2025.
This growth has been fuelled by Penfold’s free salary sacrifice implementation service, helping SMEs save money on National Insurance contributions, and the rapid expansion of its accountancy firm partner network.
The funding from Gresham House Ventures will be used to further grow Penfold’s presence across the UK SME and accountancy markets and accelerate the development of its pension app with new features for savers and businesses. The investment in Penfold will be held in the Baronsmead and Mobeus VCTs which are managed / advised by Gresham House.
