Digital pensions provider Penfold has surpassed £200m in assets under administration (AuA) this month - 2.6x £76m AUA  just under a year ago.

The platform attributed the strong growth to a combination of customer growth via new workplace clients signed and customers making transfers of old pensions, as well as individual customers making regular contributions.

Penfold has seen the number of workplace customers increase from 2,500 this time last year to over 18,000 in March 2023 many of whom are first-time savers. The provider also recently signed new clients Deel, Otta and Dice, all contributing to an accelerated growth in assets. The provider's number of signed-up customers also increased to 77,000.

Founded by Pete Hykin, Stuart Robinson and Chris Eastwood in 2018, Penfold achieved its £100m AuA milestone in July 2022, and has now hit the £200m mark in just under 8 months. 

In light of these results, the provider plans to continue investing in winning new workplace clients and accountants and onboarding even more savers to their tech-first pension. On a mission to help everyone adopt healthy saving habits to feel good today about life tomorrow,  the provider is transforming the pension saving experience from something complex and admin-intensive to something that feels motivating and engaging. 

Penfold co-founder, Chris Eastwood, said: “We're so delighted to have hit this milestone, which demonstrates both the appetite consumers have for the new kind of pension we offer and the hard work of our team.

“Penfold enables our customers to clearly see how much they have saved, what that will pay for and how to increase their savings for the lifestyle they want when they finish working. This clarity helps combat the retirement savings crisis that we've been sleepwalking towards for too long.

“That so many companies are increasingly choosing us for their workplace pension is also heartening as it means they want to work with us in helping their employees look after their financial wellbeing. It's particularly gratifying to achieve this result against the backdrop of the cost of living crisis, which shows just how much people value safeguarding their future.”

Fred Cudmore, VP of Finance at digital wealth app Chip, and a partner with Penfold commented: ‘Chip's mission is to help people build long-term wealth and we were looking for a like-minded pension provider to help our staff save more for their own future. That meant choosing a company that made it easy for them to actually engage with their pension savings.

The Penfold app makes that simple, but the onboarding experience also helped massively. Our staff were shown how to use the app by a dedicated account manager, had the opportunity to ask questions, and were given jargon-free answers. They moved us over from our previous provider and completed the onboarding within two weeks so, given the service we received, it’s no surprise to us they’ve hit this milestone in growth. It is always great to see young innovative fintech companies doing so well. Congratulations Penfold!’