The spherical was supported by a private £1m funding from Jeremy Coller, in addition to £1m from crowdfunding traders.
Picture supply: Chris Eastwood/Penfold.
Digital pensions supplier Penfold has raised a £7m Collection A funding spherical led by Bridford Group, the funding group which additionally backs Lendable and NorthVolt, AltFi can completely reveal.
The spherical includes £5m from Bridford, a £1m private funding from Jeremy Coller, the chair and chief funding officer of Coller Capital, and an extra £1m from Penfold’s latest Crowdcube crowdfunding spherical that attracted 900 retail traders.
Penfold stated the funding might be used to broaden its office pension division, which has up to now signed up greater than 150 companies since launching solely ten months in the past, overing some 7,000 particular person employees from scale-ups like Cuvva, Elvie and Attest.
“Following that early success we’re racing to actually scale up our B2B distribution, so promoting direct to companies and in addition by way of intermediaries for our office pension,” Penfold’s co-founder Chris Eastwood informed AltFi.
The corporate may even be growing its headcount from 30 to round 50 by the tip of 2022, with hiring throughout all departments however with a selected deal with gross sales and advertising and marketing.
Whereas Penfold began out in 2018 as an app providing pensions for freelancers, which it nonetheless presents, however has now branched out to supply office pension companies.
“What units us other than different trendy suppliers or digital pension suppliers is that we serve each markets, as a result of finally we all know that folks transfer from job to job and so they transfer from employment to self-employment, and what’s vital is a versatile pension that may follow you for all times,” added Eastwood.
Penfold says it now has greater than 60,000 clients who’ve both taken out its private, self-employed or office pension merchandise, greater than doubling its buyer numbers in 2021 alone.
Whereas the inventory markets have been more and more unstable in latest months, Eastwood stated Penfold has but to see any massive adjustments in buyer behaviour.
“On the person facet there was some warning round committing massive quantities of cash into their pension, however nonetheless no affect on the [level] of pension switch exercise we’re seeing,” Eastwood added.
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