By Aisling Finn on Monday 20 July 2020
Penfold will be available to Starling’s 180,000 SME customers as of today.
Founded in 2019, Penfold allows users to manage and track their pensions and gives customers the ability to top up, contribute and choose where their money is kept and invested.
Penfold joins 26 companies already integrated with Starling’s marketplace, which is used by one in three business customers.
“The integration with Penfold will encourage them to invest and benefit from the government contributions and tax relief which can make savings go so much further.”
Once a customer opts into using Penfold’s pension platform, they will be able to see the amount they have saved, their monthly contribution amount and any changes in investments, all within the Starling app.
Chris Eastwood, co-founder of Penfold said: "The growth of self-employment in recent years has led to 15 per cent of the UK workforce market now working for themselves - that’s around five million people.”
“Our new integration with Starling further highlights the need for simple to use, flexible pensions for the self-employed, that are centred around excellent customer service."
Starling currently counts 180,000 SMEs as customers, equating to 3 per cent of the UK SME banking market.
As of late Starling has been building on its SME offering, adding three new companies to its marketplace, messaging app Slack, energy switching service Bionic and health insurance provider Equipsme, in mid-June.
Starling has also recently applied for two BCR grants, worth £25m and £25m, to help it further bolster its SME offering.
The digital bank also took its Business Toolkit out of beta and launched a US dollar account.