Penfold

Summary

Penfold, the digital pension that makes saving for the future easy, so you can enjoy today. Backed by serial FinTech investors, their top-rated app & in-house pension infrastructure manages over £24m in savings for over 10k customers. They're raising to accelerate growth & launch workplace pensions.

• 10k customers with £24m+ assets. 140% asset growth in the last 4 months
• £5.5m raised to date from backers of Spotify, Adyen & Dropbox
• FCA regulated as a pension operator using in-house infrastructure
• 4.8* TrustPilot (230+ reviews) and 81 NPS

Idea

We founded Penfold because we believe traditional pension providers aren’t working anymore. Their clunky technology and endless jargon has left consumers confused and disinterested. Millions have lost track of their pension or even put off saving entirely.

So we built a next-generation pension platform that removes the pain from saving for later life.

Our highly-rated apps and website let users set up their pension in minutes, or find and combine their old pots in a few taps.

Our custom-built technology automates traditionally manual processes, helping us deliver a seamless, flexible, user experience and outstanding customer service to anyone. Even those at the start of their savings journey.

We launched in Oct 2019 and now have 10k customers with £24m AUM, growing assets 140% in the last 4 months. We’ve also partnered with the likes of Starling Bank, offering Penfold to their SME customers.

We started with the UK’s 5m self-employed, as 86% weren’t saving into a pension. Penfold is now open to everyone and we'll soon launch workplace pensions to broaden our customer base even more.

With £7trn held in UK pension funds, but millions still not saving enough, the market is huge and ready for disruption.

Backed by a number of investors including Force Over Mass Capital, Plug & Play Ventures and early backers of Adyen and Spotify, we're raising to accelerate growth.

Team

Like many companies, we built Penfold to solve a problem we knew well.

Our team has experienced first hand the difficulty of setting up and managing pensions, either for ourselves or for others via workplace pension schemes. We have witnessed directly how this painful user experience leads to people not saving enough.

Our backgrounds in finance, investment and technology have given us the experience to build a better solution. We are supported by a diverse team of 15 others across product & engineering, marketing and customer operations.

Chris Eastwood

Chris is a qualified accountant, starting his career at Deloitte where he worked with many financial institutions in M&A and advisory roles. He then spent several years at investment firm Man Group in a senior strategy role. He is responsible for Product at Penfold and shares CEO responsibilities with Co-Founder Pete.

Pete Hykin

Pete worked closely with Chris for two years at Deloitte before going on to be the first employee at two startups, Ignite & Catapult, where he built and scaled operations & sales teams across Europe. He leads on growth & operations at Penfold and shares CEO responsibilities with Chris.

Stuart Robinson

Stuart was one of the first engineers at Funding Circle back in 2012, where he stayed as Principal engineer until their IPO in 2018. He now leads the Penfold engineering team.