Penfold, a leading digital pensions provider, has officially announced its newest crowdfunding round, marking a significant milestone following its impressive growth streak.
This initiative follows a successful £1.5m fundraising effort from its key shareholders, boosting Penfold’s total funding to a remarkable £19m. The move underscores Penfold’s commitment to expanding its innovative pension solutions and solidifying its market presence.
2023 was a landmark year for Penfold, witnessing a triple increase in its client base to over 1,200 businesses, alongside a surge in individual savers to more than 62,000. This rapid expansion was paralleled by a substantial 151% growth, culminating in £350m in Assets under Administration. Penfold’s strategic focus on scaling its workplace pension solution has evidently paid dividends, reflecting the company’s agility and forward-thinking approach in the dynamic FinTech sector.
The launch of Penfold’s latest crowdfunding round is a strategic effort to further fuel its growth trajectory and pave the way for profitability. The early access phase has already commenced, inviting individual registrations through Penfold’s crowdfunding page, with the round opening to the wider public on February 27th. Reflecting on the success of Penfold’s previous crowdfund in 2022, which sold out within hours, the company anticipates a robust response from the investment community.
At the heart of Penfold’s mission is the ambition to transform the £8trn pensions industry. By offering a bespoke platform, Penfold aims to enhance savers’ engagement with their pensions, ensuring greater visibility and control over their savings and investments. This customer-centric approach, coupled with exceptional service, has been pivotal in Penfold’s rapid ascent within the FinTech landscape.
Since its foundation in 2019, Penfold has consistently broadened its reach, notably with the introduction of the Penfold Platform in 2023. Tailored for accountants, this platform simplifies pension processing, reinforcing Penfold’s dedication to innovation and user experience. The ongoing crowdfunding initiative is not just a means to augment growth but also a testament to Penfold’s resolve in improving its offerings, including its acclaimed workplace pension solution and app enhancements.
Chris Eastwood, Co-Founder at Penfold, emphasized the importance of this crowdfunding round in sustaining the company’s growth momentum and achieving profitability. Eastwood’s statement, “Our mission is to encourage more people to save for later life by providing a simple way to access and save into their pension. More savers want a pension that they can easily use and understand, which is why we have achieved such impressive growth recently.
“This latest round of crowdfunding will enable us to maintain this growth while providing the capital needed to return the Penfold team to profitability. 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.”
Keep up with all the latest FinTech news here.
Copyright © 2024 FinTech Global
