Penfold, a digital pensions platform, has closed a £7m ($8.49m) Series A funding spherical led by Bridford Group, an funding group.
Also collaborating within the spherical was Jeremy Coller, Chief Investment Officer and Chairman of Coller Capital. Penfold additionally raised further funding through a crowdfund amongst its buyer base. The money will likely be used to broaden Penfold’s office pension division.
Chris Eastwood, Co-Founder at Penfold, commented (in a press release): “It’s been a big year for Penfold – from launching our workplace pension offering, to reaching £100m AUA.”
Bridford Group, lead investor, commented: “The pensions industry represents a huge market – with £8trn in savings in the UK alone. Despite this, many people remain uninterested and unengaged in their pensions. With so many people not saving enough, there’s a real opportunity for a new provider to step in.”