Digital pensions platform Penfold has announced the close of its £7m Series A funding round, following the expansion of the business and launch of its workplace pension platform in late 2021.

As reported by our sister title, Pensions Age, the round was led by investment group Bridford Group, which, together with its affiliates, has been invested in Penfold since its first funding round in 2018.

The round was also opened to Penfold’s customer base and wider community with a crowdfund, which reached 190 per cent of its goal.

Penfold launched its Series A funding round to expand its workplace pension division, which has signed more than 150 businesses since its launch 10 years ago.

Commenting on the announcement, Penfold co-founder, Chris Eastwood, said the firm was delighted to have built of the continued backing of is existing investors.

“It’s been a big year for Penfold - from launching our workplace pension offering, to reaching £100m AUA - and this latest funding round is a testament to the growth already achieved by the business, as well as the hard work of our team,” he continued.

“We are incredibly thankful to our investors who share our vision of getting more people engaged with their retirement savings in a meaningful way.

“This funding will have a huge impact on our ability to bring our pension to more people, especially as we look to expand our workplace pension offering and give savers more control over their pension. Today’s funding is another step toward building a modern pension that helps everyone save more for their retirement.”

A spokesperson for lead investor, Bridford Group, added: “The pensions industry represents a huge market - with £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, there’s a real opportunity for a new provider to step in.”

“By building its administration and operations arm from scratch, Penfold is uniquely positioned to solve this problem. It’s able to offer a better, more efficient option to savers and businesses alike.

“In the nearly three years we’ve been working with the team at Penfold, we’ve been consistently impressed with the high quality of everything they do and the rapid growth of the business. In particular, the rapid roll-out of the workplace pension offering to 150 signed businesses in well under a year has been most impressive.”

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