Gresham House Ventures has led a £3.9 million investment round in digital workplace pension provider Penfold, backing the fintech’s continued expansion in the UK SME and accountancy markets. The round also included participation from existing investors.
Penfold offers a fully digital workplace pension platform, enabling businesses to sign up or switch providers in just minutes — a sharp contrast to the cumbersome processes often associated with legacy pension schemes. The company has seen rapid growth, with the number of businesses using its platform increasing from 1,200 to over 4,000 since the beginning of 2024. Meanwhile, assets under administration have surged by 91%, reaching £700 million by the end of Q1 2025.
This growth has been fuelled by Penfold’s free salary sacrifice implementation service, which helps small and medium-sized enterprises (SMEs) reduce National Insurance costs, as well as the firm’s fast-expanding network of accountant partnerships.
Funding from Gresham House Ventures will be used to scale Penfold’s UK presence, particularly in the SME and accountancy sectors, and to enhance its pension app with new features for both savers and employers. The investment will be held across the Baronsmead and Mobeus VCTs, managed and advised by Gresham House.
“We have been impressed with Penfold’s commercial traction as it leads the charge in disrupting the pensions industry,” said Rohit Mathur, investment partner at Gresham House Ventures. “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 this investment will enable us to accelerate our recent momentum.”
The deal extends a busy spell for Gresham House Ventures, which is currently fundraising for its Baronsmead VCTs. Recent investments include Mobility Mojo, a digital platform focused on accessibility, and Much Better Adventures, an adventure travel scale-up.
As Penfold looks to cement its position as a key player in the digital pensions space, this latest funding round represents a significant step towards reshaping workplace pensions for modern businesses and savers alike.
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Gresham House Ventures backs Penfold with £3.9m to drive digital pension growth