What Penny does

Penny (legal name Penny Technology Limited) is a UK fintech founded in 2019 in Bristol that operates an AI-powered mobile platform for identifying, tracing, and consolidating dormant workplace pensions into a single FCA-regulated personal pension. The company's product consists of the Penny Pension App on iOS and Android, and the underlying Penny Pension Scheme, which is operated and administered by Quai Investment Services Ltd. The core workflow is self-serve: a user provides basic personal details, the platform's AI analyses millions of UK pension records to locate old workplace pots, and Penny automates the transfer paperwork to move those pots into the user's consolidated personal pension. Once consolidated, members choose from six investment funds (five HSBC-managed and one Vanguard-managed), with FSCS protection up to £85,000. The business model is a recurring AUM-based fee of 0.75% per year (0.58% Penny platform fee plus 0.17% HSBC default fund fee; 0.76–0.79% for non-default funds), with no charges for transfers, contributions, or fund switches.

Penny serves UK individuals who have changed jobs multiple times — on average every 2.5 years — and accumulated several inactive pension pots from previous employers. Distribution is exclusively direct-to-consumer through the mobile apps, supported by an SEO-oriented pension education blog, organic social presence on LinkedIn and Instagram, earned media in The Sun and The Mirror, and a customer referral programme. The company does no cold outreach; all sign-ups are customer-initiated. To date Penny has raised a £4 million seed round in July 2022 led by Google's Gradient Ventures (with 10x Founders and SFC Capital), achieving a £25 million post-money valuation, and has grown to between 10,001 and 50,000 scheme members with 50K+ Google Play downloads.

Name

Penny

Legal name

Penny Technology Limited

Website

https://pennypension.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

Penny is a UK fintech that uses AI to identify, trace, and consolidate multiple dormant workplace pensions into a single FCA-regulated personal pension account for UK consumers, accessed via its iOS and Android app.

Ownership category

akta.pro rank

Product category

Personal Pension / Pension Consolidation

NAICS

Funds, Trusts, and Other Financial Vehicles (525)

SIC

Finance Services (6199)

akta.pro primary industry

Net Worth & Personal Balance Sheet Tracking (FSAGADAF)

akta.pro secondary industries

Expense Tracking & Financial Dashboards (FSAGADAB), Digital Wallets & Account Aggregation Hub (Multi-account, Stored Value) (FSAGAAAD)

Keywords

• Pension consolidation
• Personal pension scheme
• AI pension tracing
• Retirement savings platform
• Workplace pension transfer

Headquarters

HQ city

Bristol

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Annual Percentage Fee (AUM-based): Penny charges a flat annual fee of 0.75% of assets under management, comprising a 0.58% Penny platform fee and a 0.17% HSBC default fund fee. For non-default funds, total fees range from 0.76% to 0.79% per year. No fees are charged on pension transfers, contributions, or fund switches. This is a recurring, AUM-linked revenue model typical of pension platforms.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Penny is a UK fintech that provides an AI-powered mobile app enabling consumers to find, combine, and manage their old workplace pensions into a single FCA-regulated personal pension scheme (the Penny Pension Scheme). The platform identifies dormant pension pots across providers, automates the transfer paperwork, and consolidates assets into one account invested through HSBC- and Vanguard-managed funds, with FSCS protection up to £85,000.

Product overview

Penny offers a unified pension consolidation platform consisting of the Penny Pension App (mobile application) and the Penny Pension Scheme (underlying personal pension). The app identifies and transfers users' old workplace pensions into the Penny Pension Scheme, where funds are managed through HSBC and Vanguard investment options. Users can view and manage all their pensions from a single mobile interface.

Differentiator

Problem solved

Functional benefit

Products and services

• Penny Pension App Mobile application (iOS and Android) that allows UK users to find, combine, and manage their old workplace pensions in one place. Uses AI to identify and trace dormant pension pots across providers and automate the transfer paperwork into the user's Penny Pension Scheme account.
• Penny Pension Scheme A single trust defined contribution personal pension scheme that serves as the underlying vehicle into which multiple old workplace pensions are consolidated. Operated and administered by Quai Investment Services Ltd, with investments managed through six regulated funds (five HSBC funds and one Vanguard fund).

Quantifiable outcome

• Average person changes jobs every 2.5 years, leading to multiple inactive pension pots — Penny's core addressable problem
• +2 more outcomes

Named customers2 records

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

AI capability2 records

Feature3 records

Partnerships

Eleven partnerships are on record, tiered core and supporting.

• HSBCcoreTechnology or Integration · 1 January 2019HSBC is Penny's primary investment management partner. All six of Penny's investment funds (5 HSBC funds and 1 Vanguard fund) are managed by HSBC, one of the world's largest financial institutions. HSBC Global Strategy Balanced Portfolio C Acc is Penny's default investment fund. Penny partners with HSBC who manage the investments within the pension to prioritise secure, long-term growth.
• VanguardcoreTechnology or Integration · 1 January 2019Vanguard provides one of the six investment fund options available within the Penny Pension scheme, alongside five HSBC-managed funds. This gives Penny members access to Vanguard's low-cost investment products as part of their pension diversification options.
• Quai Investment Services LtdcoreStrategic or Co-development Partner · 1 January 2019Quai Investment Services Ltd (FRN: 922590) is the Scheme Operator and Administrator of the Penny Pension Scheme. The scheme is operated and administered under their FCA authorisation. Quai Trustees Ltd serves as the scheme trustees.
• OnfidosupportingTechnology or Integration · 1 January 2019Onfido provides identity verification services for Penny, enabling secure Know Your Customer (KYC) processes when users sign up. Listed among third-party service providers in Penny's privacy policy.
• Amazon Web ServicessupportingTechnology or Integration · 1 January 2019AWS provides cloud infrastructure and data storage services for Penny. Listed among third-party service providers in Penny's privacy policy.
• Origo Transfer ServicessupportingTechnology or Integration · 1 January 2019Origo Transfer Services is used for pension transfer processing. Penny requests that transfer-out requests be submitted via the Origo platform. The scheme ID for Penny Pension on Origo is 1149.
• Creditsafe Business SolutionssupportingTechnology or Integration · 1 January 2019Creditsafe Business Solutions provides business credit data and information services used by Penny, listed among third-party service providers in the privacy policy.
• OpenAIsupportingTechnology or Integration · 1 January 2019OpenAI is listed as a third-party service provider used by Penny, potentially supporting the AI capabilities for pension identification and data processing.
• Google AnalyticssupportingTechnology or Integration · 1 January 2019Google Analytics is used by Penny for web and app analytics to understand user behaviour and improve the product.
• Twilio IncsupportingTechnology or Integration · 1 January 2019Twilio Inc is listed as a third-party service provider used by Penny for communications infrastructure (potentially SMS, push notifications, or in-app messaging).
• Intercom IncsupportingTechnology or Integration · 1 January 2019Intercom Inc is listed as a third-party service provider used by Penny, potentially for in-app customer support or messaging.

Scale indicators5 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Penfold: UK fintech personal pension provider with a mobile app and transparent flat fees, targeting consumers consolidating workplace pensions. Overlaps directly with Penny on product proposition and customer segment.
• PensionBee: UK-listed direct-to-consumer pension consolidation platform that combines multiple old workplace pensions into a single online plan. Closest direct competitor to Penny in target customer, mobile-first UX, and self-serve transfer motion.
• Smart Pension: UK workplace pension and auto-enrolment platform that also offers personal pension consolidation via a master trust. Competes with Penny for the same end customer consolidating pots, though its primary motion is B2B.
• Cushon: UK fintech workplace and personal pension provider with a digital-first consolidation proposition. Operates in the same regulatory and product category as Penny.
• Moneybox: UK consumer investing and pension app with round-up saving, ISA, and pension products. Targets a similar young, mobile-first UK customer accumulating small pension pots via job changes.

Broad incumbents

• Hargreaves Lansdown: UK's largest retail investment and Self-Invested Personal Pension (SIPP) platform. While much broader than Penny, it is the established destination customers compare Penny against for pension consolidation and ongoing investment.
• AJ Bell: Major UK SIPP and investment platform serving retail investors. Competes with Penny in the consolidation decision and ongoing pension management step, though with a broader product portfolio.
• True Potential: UK technology-enabled wealth management and pension platform with substantial AUM and an adviser channel. Operates a personal pension proposition that competes with Penny for retail pension consolidation.

Emerging players

• Wealthify: UK digital wealth manager offering ISAs and pensions via a managed portfolio model. Adjacent to Penny's default-fund proposition and competes for the customer's long-term savings allocation.
• Moneyfarm: UK digital investment manager offering ISAs and pensions, with comparable fee transparency and a digital-first customer experience. Competes for the same UK retail long-term savings customer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/try-penny
• Instagraminstagram.com/pennypensionhq
• Xx.com/trypenny

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds3 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Penny