Penfold (getpenfold.com), the innovative digital pensions provider, is excited to announce it reached £500m AuA, doubling assets from £250m in the last 12 months and achieving growth of 260% from £139m at the start of 2023.

This robust growth trajectory has been driven by the rapid expansion of its workplace pension offering, enabled by a proprietary technology platform that helps accountancy firms and payroll bureaus streamline their clients’ auto enrolment obligations. This innovation has led to many small and medium-sized businesses being introduced to Penfold by their accountancy firm, alongside larger clients that engage directly with Penfold to modernise their benefits package.

As a result, Penfold has more than doubled its customer base since the start of 2023, from33,000 to over 75,000, as the number of employers using Penfold for its workplace pension has increased from 300 to over 2,000.

This milestone closely follows the recent closure of a £2.9 million top-up funding round led by its existing shareholders, and joined by its Crowd cube community, which closed between Marchand June 2024.

CEO & Co-Founder Chris Eastwood said: “We are thrilled to reach £500m AuA, thanks to the rapid adoption of our digital workplace pension in the market. This demonstrates the pent-up demand for a more modern alternative to legacy auto enrolment providers.

With the continued support of our shareholder base, we are incredibly excited to deepen our collaborations with accountancy firms and payroll practitioners, broaden our reach, and continuously enhance our core pension product and customer service.

We’re excited to extend our offering to even more people throughout their careers and into retirement, ensuring they enjoy a comfortable income for life after work. While we primarily engage with customers through their workplaces, Penfold remains their pension for life."