Penfold, a digital retirement platform, has closed a £7 million ($8.49 million) Series A funding round 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 funds via crowdfunding from its client base. The money will be used to develop Penfold’s workplace pensions division.
Chris Eastwood, co-founder of Penfold, commented (in a statement): “It has been a great year for Penfold – from launching our Workplace Retirement offering to reaching £100m of AAU .”
Bridford Group, lead investor, commented: “The pension industry is a huge market – with £8,000,000 in savings in the UK alone. Despite this, many people remain indifferent and uncommitted to their pensions. With so many people not saving enough, there is a real opportunity for a new provider to step in.