Penfold eyes £5m from crowdfunding raise

Penfold, a digital pensions platform, has launched a new crowdfunding round that it hopes to raise £5m from.

The crowdfunding follows the launch of the company’s workplace pension platform late last year.

According to Penfold, individuals are able to register now for early access on 25th July 2022 through its crowdfunding page, with the round opening to the general public the day after.

The company claims this round of funding is being opened to expand the pension provider’s workplace pension division, which has already signed more than 150 companies since its launch nine months ago.

Penfold claims it is on a mission to disrupt the industry and provide savers with a next generation platform that delivers a better user experience and gets people more for retirement.

Penfold co-founder Chris Eastwood said, “Our mission is to give people a modern way of accessing and saving into their pension and challenge the outdated practices that have been held onto for far too long in this industry. More and more savers want a pension that they can easily use and understand, as demonstrated by our growth over the last year.

“We have launched this latest round of crowdfunding to continue this growth, particularly for our workplace pension platform as we aim to provide greater control for pension savers, while improving efficiency and reducing cost for businesses. Our last crowdfunding round was a huge success and it’s fantastic to have a community of engaged investors who support our goal to get people saving more so they can have the retirement they deserve.”

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