Warren raises €10M seed to rebuild Belgium's workplace pensions

Ghent-based Warren has raised a €10 million seed round led by Motive Ventures, with F Capital and returning backers Entourage, Syndicate One and 100IN. It follows a €3 million pre-seed in March 2025.

A challenger with its own fund

Most fintechs sit on top of someone else's infrastructure. Warren built its own: the Warren Pension Fund (OFP), an institution-for-occupational-retirement-provision licensed in June 2025 and supervised by Belgium's FSMA. On top of it runs a low-fee pension product and an AI financial-coaching app aimed at the employees whose money is in the system.

The target is Belgium's second pillar — workplace pensions — which co-founder and CEO Cedric De Vleeschauwer argues quietly erodes savers' purchasing power through fees and conservative products, despite being, by definition, a decades-long investment horizon. Owning the fund as well as the app lets Warren reset the fee structure rather than resell someone else's.

Early switchers

Founded only in 2024 by De Vleeschauwer, David Du Pré, Jos Polfliet, Tijs Deryckere and Pieterjan Behaeghe, Warren says around 100 Belgian companies have moved onto the platform within a year. It is targeting 100,000 employees on the platform by 2028 before expanding into one or two larger European markets.

The seed funds that push — accelerating growth at home and preparing the European launch, with roughly 30 new hires on top of the current 25. It is a quietly ambitious bet: that a regulated, vertically integrated challenger can do to workplace pensions what neobanks did to current accounts.