Penfold, a digital pensions platform, has closed a £7m ($8.49m) Sequence A funding spherical led by Bridford Group, an funding group.
Additionally taking part within the spherical was Jeremy Coller, Chief Funding Officer and Chairman of Coller Capital. Penfold additionally raised further funding by way of a crowdfund amongst its buyer base. The money will probably be used to develop Penfold’s office pension division.
Chris Eastwood, Co-Founder at Penfold, commented (in a press release): “It’s been an enormous yr for Penfold – from launching our office pension providing, to reaching £100m AUA.”
Bridford Group, lead investor, commented: “The pensions business represents an enormous market – with £8trn in financial savings within the UK alone. Regardless of this, many individuals stay uninterested and unengaged of their pensions. With so many individuals not saving sufficient, there’s an actual alternative for a brand new supplier to step in.”