# Penfold

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/penfold

- Industry: Financial Services
- Headquarters: London, UK
- Website: www.getpenfold.com/
- Total disclosed funding: $11M
- Latest round: Series A (Aug 8, 2022)
- Investors on record: 4

## About

Penfold is a UK-based pension savings platform that simplifies workplace auto-enrolment for both employers and employees, enhancing retirement savings management through a user-friendly app.Penfold, founded in 2019 in London, UK, provides a modern pension solution for businesses and individuals. The company was established by entrepreneurs Chris Eastwood, Pete Hykin, and Stuart Robinson. In May 2025, Penfold raised GBP 3.9 million in a funding round led by Gresham House, with participation from Baronsmead and Mobeus Equity Partners, bringing the total amount raised to GBP 3.9 million across 4 deals.Penfold offers a modern pension solution designed to simplify workplace auto-enrolment for both employers and employees. Their core product is a user-friendly pension app that allows employees to manage their pension contributions, track down old pensions, and consolidate them into one account, thereby enhancing their retirement savings experience. The platform facilitates seamless onboarding for businesses, enabling employers to set up pension schemes efficiently and manage contributions without the administrative burden typically associated with pension processing. Penfold’s services cater to a diverse client base, including small to medium-sized enterprises (SMEs) and larger organizations across the UK. The company's offerings are specifically designed to address the complexities of pensions, making them accessible and engaging for users while providing robust support for employers.Penfold's revenue model is built around subscription-based services for businesses and individual users of their pension platform. Employers pay a fee to implement and manage their pension schemes via the Penfold platform, while employees benefit from the app's features without incurring additional charges. The company’s pricing structure is designed to foster ease of use and engagement, ensuring employers can effectively enrol employees, process contributions, and manage their pension obligations with minimal hassle. Transactions typically occur between Penfold and its clients, encompassing B2B relationships where employers engage Penfold for their pension needs and individual users utilize the app for personal retirement planning. The platform promotes efficiency and transparency, leading to improved user satisfaction and streamlined payroll processes for its clients.In May 2025, Penfold plans to utilize the GBP 3.9 million raised in venture funding to support the growth of its customer base. The company intends to expand its offerings and explore new product launches, although specific details regarding new products and their release dates have not been disclosed. Additionally, Penfold is looking to expand into new markets, focusing on the UK while evaluating potential growth in other geographic regions in the future.

## Funding rounds

- Series A, Aug 8, 2022, $8.4M — Bridford Investments Ltd.
- Seed, Aug 31, 2019, $2.7M — Force Over Mass Capital, Elkstone Ventures, Plug and Play

## Investors

- Force Over Mass Capital (https://capitalatlas.ai/funds/force-over-mass-capital) — Seed
- Elkstone Ventures (https://capitalatlas.ai/funds/elkstone-ventures) — Seed
- Plug and Play (https://capitalatlas.ai/funds/plug-and-play) — Seed
- Bridford Investments Ltd. (https://capitalatlas.ai/funds/bridford-investments-ltd) — Series A