Jessica O'ConnorPenfold, the digital pension provider, now supports over 100,000 savers across the UK, marking a more than fourfold increase in users over just three years.
In addition, the firm also now supports pensions for over 4,000 businesses – from startups to large firms.
That includes over 3,000 small businesses with under 10 employees, over 500 small and medium enterprises (SMEs), and dozens of enterprise scale businesses.
In the last 14 months alone, Penfold users have contributed over £205m – more than in the previous five years combined.
Penfold’s total Assets Under Administration (AUA) has now exceeded £750m, with the company on track to hit £1bn in the near future.
Nearly half of Penfold’s customers, 45,000 savers, are aged 35 or under.
Gen Z and younger millennials are driving the shift toward digital pensions, embracing financial tools that fit into their ‘mobile-first’ lives.
Chris Eastwood, co-founder of Penfold, said: “Reaching 100,000 savers is a huge moment for the team at Penfold.
“We’ve always set out to build a pension people genuinely want to use – one that supports them throughout their working life and into retirement.
“The response from businesses has been amazing. Whether it’s helping teams save more with salary sacrifice or simply offering a better saving experience, employers are clearly ready for something new. And we’re here to make that happen.”
