Warren, a Ghent-based FinTech focused on workplace pensions and financial coaching, has raised €10 mn in Seed funding to expand across Belgium and prepare for a European launch.
Motive Ventures, the venture arm of transatlantic investment fund Motive, led the round. F Capital joined alongside returning investors Entourage, Syndicate One and 100IN. Warren had raised €3 mn in pre-Seed funding in March 2025.
Cedric De Vleeschauwer, Warren co-founder and CEO, said most Belgians save for retirement through products that lose purchasing power over time. He called the problem socially significant, with consequences reaching beyond individual pension outcomes.
Retirement savings shape household security over decades. Warren argues that long-term products should preserve real value after inflation, fees, and market cycles rather than leave workers with nominal gains that barely move the needle.
Founded in 2024 by De Vleeschauwer, Jos Polfliet, David Du Pré, Tijs Deryckere, and Pieterjan Behaeghe, Warren is targeting workplace pension reform in Belgium.
The company says Belgium’s pension system faces mounting demographic pressure. People live longer, birth rates are declining, and the number of workers supporting each retiree keeps falling.
Statutory pensions no longer cover retirement needs for many employees. The second-pillar system, intended to supplement public pensions, has struggled to close the gap.
Warren said Belgian employees aged 56 to 65 hold a median supplementary pension reserve below €10,000. For people approaching retirement, that amount leaves limited protection against income loss. The startup argues that legacy pension products sit at the centre of the issue. Some reserves remain in branch 21 group insurance schemes, which offer nominal returns but limited real growth after inflation and fees.
Branch 23 products invest more actively across financial markets, although high management fees often reduce long-term returns. Employees may see money accumulating, yet the final outcome still disappoints.
Group insurance remains one of the largest items in employer compensation budgets. Employees often receive one annual document and struggle to understand what the benefit means for their future income.
Warren says Belgium has not captured the long-term effect of compound returns at scale. Australia, the Netherlands, and Scandinavian countries built supplementary pension systems around long investment horizons and broad market exposure.
Australia requires employers to contribute at least 11% of gross salary into pension funds that invest across capital markets. The system gives compounding returns decades to work. According to Warren, Australia holds roughly €2,500 bn in pension capital, equal to about twice national GDP. Belgium’s second-pillar pension reserves remain below one-fifth of GDP.
Warren started from this structural gap. The company received an IBP licence in June 2025 and then launched Warren Pension Fund OFP, its own supervised pension fund.
The fund invests through a mixed portfolio using an equity ETF and a bond ETF. Belgium’s Financial Services and Markets Authority supervises the structure.
Warren says it charges no entry fee, no exit fee, and no percentage-based fee on assets under management. Employers move to the platform without increasing their existing pension budget.
David Du Pré, Warren co-founder and CCO, said finance and HR teams increasingly ask where pension money goes and what employees receive in return. Traditional pension products often feel like a black box, he said, because employers pay substantial sums without seeing stronger employee financial outcomes or employer-brand benefits.
Warren also runs a financial coaching platform alongside the pension fund. Employees receive guidance through AI or a personal adviser, depending on the situation.
Users can estimate income during long-term illness, assess retirement savings needs at age 63, or review mortgage renegotiation options. The platform also offers video consultations with nine specialists covering loans, insurance, and investment planning.
Du Pré said Warren plans to use the new capital to reshape the Belgian pension market. The company targets 100,000 employees on the platform by 2028, then expects to enter one or two larger European markets.
Warren plans to hire about 30 additional employees beyond its current staff of 25. The company wants to build a workplace pension platform where employers retain cost control and employees receive more of the investment return.
Around 100 Belgian companies have moved their pension plans to Warren during its first year, according to the company. Customers include Lighthouse, Yuki, Wintercircus, and Poppy Mobility.
