Digital Pensions Startup Penfold Secures $8.5 Million in Series A Funding
Penfold raises £7 million to expand its workplace pension division, led by Bridford Group with additional crowdfunding support. The investment targets the massive but unengaged UK pensions market.
Digital pensions platform Penfold raises £7 million ($8.49 million) in a Series A funding round led by investment group Bridford Group. Jeremy Coller of Coller Capital also participates in the round, while Penfold gathers additional capital through a crowdfund campaign directly from its customer base.
The startup plans to use the new cash to expand its workplace pension division. This funding milestone follows a significant year of growth for the company, which includes the launch of its workplace pension offering and reaching £100 million in assets under administration.
Bridford Group leads the investment because of the massive potential for disruption in the sector, noting that the UK holds £8 trillion in pension savings. The lead investor points out that many people remain unengaged with their pensions and do not save enough, creating a clear opportunity for a modern provider like Penfold to step in and simplify the experience.