Penfold, a digital pension platform, has closed a Series A funding round of £7 million ($8.49 million) led by Bridford Group, an investment group.
Jeremy Coller, Chief Investment Officer and Chairman of Coller Capital, also participated in the round. Penfold has also raised additional funding through a crowdfund among its client base. The money will be used to expand Penfold’s corporate pension division.
Chris Eastwood, co-founder of Penfold, said (in a statement): “It’s been an important year for Penfold – from launching our workplace pension offering to reaching £100 million AUA.”
Bridford Group, lead investor, commented: “The pension sector represents a huge market – with £8 trillion in savings in the UK alone. Despite this, many people remain uninterested and unconcerned with their retirement. Now that so many people are not saving enough, there is a real chance for a new provider to intervene.”