Digital pensions platform Penfold has collected Â£7m in its Series A funding round, following the launch of its workplace pension platform late last year.
Bridford Group, which invests into tech, sustainability and biotech, served as the lead investor.Â
The Series A was also opened to retail investors through a crowdfunding campaign, which reached 190% of its goal from over 900 contributors.
Penfold launched the Series A to expand its workplace pension division, which has attracted 150 businesses in its first ten months. Clients include Cuvva, Elvie and Attest.Â
The workplace pension scheme provides employees with greater control and access to their pension. Its mission is to help everyone save more for retirement.
Its mobile app allows users to combine their pensions, set goals, adjust contributions and pick from a selection of investment plans.
In a statement, Bridford Group said, â€œThe pensions industry represents a huge market – with Â£8trn in savings in the UK alone. Despite this, many people remain uninterested and unengaged in their pensions. With so many people not saving enough, thereâ€™s a real opportunity for a new provider to step in.
â€œBy building its administration and operations arm from scratch, Penfold is uniquely positioned to solve this problem.Â Itâ€™s able to offer a better, more efficient option to savers and businesses alike.
â€œIn the nearly three years weâ€™ve been working with the team at Penfold, weâ€™ve been consistently impressed with the high quality of everything they do and the rapid growth of the business.Â In particular, the rapid roll-out of the workplace pension offering to 150 signed businesses in well under a year has been most impressive.â€
UK-based pensions app Penny closed its own investment round. The company netted Â£4m in its seed round, which was led by Googleâ€™s Gradient Ventures. Penny offers a mobile app that helps people find their pensions from old jobs and transfer them to the app.
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