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Penfold
Digital pension
- 21-100 employees
- Fintech
- B2C
- B2B
- Personal finance
- SaaS
- Mobile
- 1 Long Lane, London, England SE1 4PG, GB
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Company mission
Getting more people saving more for the future.
Otta's take
Theo Margolius
COO of Otta
Penfold is marketed as a digital alternative to traditional pension providers, but it isn't alone in this. Companies like PensionBee and newcomer Raindrop are direct competitors who also offer low fees (around 1%), whilst other digital providers include Nutmeg and Welthify.
However, Penfold's appeal comes from its usability and simplicity; users can start, update and track their pensions online or via an app. The company's pensions are managed by banks such as HSBC and BlackRock and it targets predominantly younger consumers.
Penfold has raised almost $20 million in funding over the last few years, making it one of the best-financed startups in their field. What's more, regular features in publications such as Tech Crunch have boosted its profile considerably. With this momentum, it is poised well for future evolvement.
Benefits
- A competitive salary – we proactively review salaries to make sure you get what you deserve (i.e., we’ll review more than once a year)
- Meaningful share options – you’ll own a part of Penfold and share in our success
- Unlimited holidays with check-ins to make sure you’re taking enough – we’re interested in your output, not how many holidays you go on!
- Flexible working – we hire competent and capable people, and we trust you to get the work done at a time that suits you
- All the equipment you need to do your job whether you are working remotely or office-based
- Learning & Professional Development – we conduct regular 360 feedback and focus on role progression that suits each individual. We support everyone with courses, events, and coaching to help everyone reach their goals
- Quarterly company socials (and regular meetups throughout the year too). If you’re based remotely we’ll cover transport and accommodation
- Private healthcare - through Vitality, you get access to Private GPs, Physio and Counselling services
Company values
- First-principles - We never do something just because that’s the way it’s always been done
- Delight customers - We want to start (understand) & finish (validate) everything from a customer's perspective.
- Great place to work - We celebrate each others’ successes and act with humility & kindness
- Move fast - Speed is our superpower
- Challenge directly with empathy - We drive results through open feedback and trust
- Be accountable - We all have a responsibility to take ownership, make decisions and take action, at every level
Funding (last 2 of 5 rounds)
Feb 2024
$1.2m
EARLY VC
Aug 2022
$8.8m
SERIES A
$20.3m
Total funding
This company has top investors
Founders
Stuart Robinson
(Co-Founder & CTO)Studied Electronic and Software Engineering at the University of Birmingham before joining the FDM Group as a Technical Consultant. Was a Lead Developer specialising in Python at IMMARSAT, and then moved to the Funding Circle as a Principal Software Engineer. Co-founded Penfold in 2018.
Chris Eastwood
(Co-Founder)Studied Maths at the University of Bristol and became a Chartered Accountant in 2010. Joined Deloitte in 2010 and was made a manager in 2013. Worked as Senior Corporate Development Manager at the Man Group before co-founding Penfold.
Pete Hykin
(Co-Founder)Previously Head of Product at Catapult, Head of Operations at Ignite Technology and a Senior Associate at Deloitte.
Diversity & Inclusion at Penfold
- We're building a diverse team in which everyone feels respected. Not just because studies show diverse teams perform better but because it's the right thing to do
- All hiring managers have unconscious bias training
- We try to keep the required skills for each role to a minimum to encourage those who may exclude themselves.
- Maternity and paternity leave: we make sure that everyone has the time off they and their family needs
- Flexible working: we hire capable and committed people that we trust to get the work done. Outside of a few company and team-wide commitments, you decide when working works best for you
