Penfold, a digital pensions platform, has closed a £7m ($8.49m) Collection 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 through a crowdfund amongst its buyer base. The money can be used to develop Penfold’s office pension division.
Chris Eastwood, Co-Founder at Penfold, commented (in a press release): “It’s been a giant 12 months for Penfold – from launching our office pension providing, to reaching £100m AUA.”
Bridford Group, lead investor, commented: “The pensions trade 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.”