Scale-ups comparable to Cuvva, Elvie and Attest, alongside 147 different companies, have all signed up with Penfold‘s, the pension supplier’s, office pension division. Following its launch 10 months in the past, Penfold has introduced that these firms would be the beneficiaries of its Sequence A funding spherical, because it plans to broaden the division with the £7million that was raised.
Penfold’s office pension scheme is designed to offer workers better management and ease of entry over their pension, and to remodel an costly and infrequently underappreciated profit into a strong retention instrument for companies.
Penfold’s aim is to assist everybody save extra for retirement, and by providing its pension to everybody, from the self-employed to giant employers, Penfold can ship on its goal to be the pension that stays with you for all times.
The Sequence A was led by Bridford Group, an funding group that deploys its everlasting proprietary capital in a variety of sectors, together with tech, sustainability, and biotech. Bridford Group and its associates have been invested in Penfold since its first funding spherical in 2018.
Additionally collaborating within the spherical was Jeremy Coller, chief funding officer and chairman of Coller Capital. Penfold additionally opened the spherical to its buyer base and wider group with a crowdfund which reached 190 per cent of its aim from over 900 contributors.
Chris Eastwood, co-founder at Penfold, feedback, “We’re delighted to have constructed on the continued backing of our present traders in our Sequence A elevate with one other massively profitable crowdfund. It’s been a giant 12 months for Penfold – from launching our office pension providing, to reaching £100million AUA – and this newest funding spherical is a testomony to the expansion already achieved by the enterprise, in addition to the exhausting work of our group.
“We’re extremely grateful to our traders who share our imaginative and prescient of getting extra folks engaged with their retirement financial savings in a significant method.
“This funding can have a huge effect on our potential to deliver our pension to extra folks, particularly as we glance to broaden our office pension providing and provides savers extra management over their pension. At this time’s funding is one other step towards constructing a contemporary pension that helps everybody save extra for his or her retirement.”
Bridford Group, lead investor, feedback, “The pensions business represents an enormous market – with £8trillion in financial savings within the UK alone. Regardless of this, many individuals stay uninterested and unengaged of their pensions. With so many individuals not saving sufficient, there’s an actual alternative for a brand new supplier to step in.
“By constructing its administration and operations arm from scratch, Penfold is uniquely positioned to unravel this downside. It’s in a position to provide a greater, extra environment friendly choice to savers and companies alike.
“Within the almost three years we’ve been working with the group at Penfold, we’ve been persistently impressed with the prime quality of all the things they do and the fast development of the enterprise. Specifically, the fast roll-out of the office pension providing to 150 signed companies in properly underneath a 12 months has been most spectacular.”