Digital-only pension Penfold has implemented NorthRow’s technology to accelerate its onboarding process and enable users to establish a pension in five minutes.
Penfold offers an app aimed at the underserved worker that has multiple pensions, small pots or is self-employed. The user can easily set up, combine, manage and track their pensions online or through their mobile app.
The company claims to have increased its user base by six-fold and has raised more than £5m from investors.
It claims pension providers often have unnecessary barriers to entry, making it tough for people to start. The company claims that a third of adults in the UK don’t pay into a pension and a fifth of the UK’s self-employed have no pension.
This is why it hopes to use NorthRow to streamline the onboarding process. In addition to easing due diligence and KYC processes, the platform will enable continual monitoring of customers changing risk status.
Penfold co-founder Pete Hykin said, “Our aim is to make pensions as accessible and engaging as banking has become. To deliver our vision of creating a completely digital pension service, Penfold needed a first-class technology partner that shared its mantra of flexibility, ease and security.
“Our new relationship with NorthRow has made this possible, by accelerating our client onboarding processes for Penfold users whilst ensuring the highest levels of compliance.”
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