Warren raises €10M to fix Belgium’s broken workplace pensions

The typical Belgian works for about 40 years and retires with a workplace pension worth less than a second-hand car.

Warren, a Ghent-based fintech, wants to fix that. The company has raised €10mn in a seed round led by Motive Ventures, the venture arm of transatlantic investor Motive Partners. F Capital joined, alongside returning backers Entourage, Syndicate One and 100IN. The round follows a €3mn pre-seed in early 2025.

A system that is ‘cracking’

Belgium’s problem is structural.

People are living longer, birth rates are falling, and the state pension stopped being enough years ago. The second pillar, the supplementary workplace pension meant to bridge the gap, is barely pulling its weight. The median reserve for employees aged 56 to 65 sits below €10,000.

Part of the blame lies with the products. Much of the money sits in old group-insurance schemes that promise safe returns but deliver little once fees and inflation bite. For many staff, the pension is one document a year that nobody reads.

No fees, no black box

Warren’s pitch is radical simplicity. It runs its own pension fund, Warren Pension Fund OFP, which won an IBP licence in June 2025 and is supervised by the Belgian regulator, the FSMA. The fund invests through a mix of equity and bond ETFs.

The fee model is the hook. There are no entry fees, no exit fees and no percentage charge on assets. Employers pay a flat subscription, keep their existing pension budget, and every cent of return goes to the employee.

About 100 Belgian companies, including Lighthouse, Yuki and Poppy Mobility, have switched in a year.

An AI coach for the rest of your money

On top of the fund sits a financial-coaching app. It blends an AI adviser with human specialists, and pulls in data from a worker’s pay package, the national Mypension.be record and their bank transactions via open banking.

The app can model what someone would live on during long-term illness, how much to save to retire at 63, or whether to refinance a mortgage. For anything thornier, users can book a video call with one of Warren’s nine in-house experts.

A bet placed before the rules change

Warren’s timing is deliberate. UK rivals such as Penfold and Smart Pension grew inside a system where retirement saving is mandatory. Warren is moving before Belgium has any such rule, a riskier path that could also hand it a bigger share if reform arrives.

The model it copies is proven elsewhere. In Australia, employers must pay at least 11 per cent of salary into broadly invested pension funds, building a pot worth about twice the country’s GDP. Belgium’s second-pillar reserves are less than a fifth.

Warren is targeting 100,000 employees by 2028, then one or two larger European markets, and plans to grow from 25 staff to around 55. Whether Belgian employers move before a law makes them is the open question.