Gresham House Ventures has led a £3.9 million investment round in Penfold, a digital workplace pension provider. This funding will help Penfold expand in the UK SME and accountancy markets, leveraging its fully digital platform that simplifies pension enrollment. Since early 2024, the company has grown from 1,200 to over 4,000 business clients, with assets under management increasing by 91% to £700 million. The investment will enhance Penfold's features and support its growth strategy in a traditionally rigid pensions sector.
"We have been impressed with Penfold's commercial traction as it leads the charge in disrupting the pensions industry," said Rohit Mathur... "With significant potential to further boost its customer base and bolster its digital offering, we are excited to support Penfold's continued progress as it enters the next phase of its growth."
Chris Eastwood, co-founder of Penfold, welcomed the investment, saying: "This is a vote of confidence in our goal of bringing better pension solutions to businesses and savers. Gresham House Ventures has a fantastic track record of supporting fast-growing businesses like ours, so we are confident in our path forward."
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