Digital pension provider Penfold has secured a £3.9m investment round led by Gresham House Ventures.
Founded in 2018, Penfold is a challenger platform offering workplace pensions through its proprietary platform.
Among its corporate clients are fintech group Paddle and San Francisco-based AI giant Anthropic.
Penfold said the new capital injection will be used to grow its presence across the UK SME and accountancy markets and support the development of its new pension app.
“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,” said Chris Eastwood, co-founder of Penfold.
The investment will be held in the Baronsmead and Mobeus Venture Capital Trust (VCT), managed by Gresham House.
“We have been impressed with Penfold’s commercial traction as it leads the charge in disrupting the pensions industry,” said Gresham House Ventures investment partner Rohit Mathur.
“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.”
The company has raised over £15m since launch, including a £7m Series A investment round in 2022 led by Bridford Group.
Read more: Penfold founder: Here’s how I would change our early MVP
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