Penfold, the digital pensions platform, has launched its latest crowdfunding round.
Penfold says its customer base has increased to over 25,000 depositors and over £90m in assets and its customers’ savings have tripled since its previous crowdfund last year.
The workplace pension branch of the pension provider, which has signed more than 150 businesses since its inception nine months ago, including some of the biggest scale-ups in the UK like Cuvva, Elvie, and Attest, is being expanded through this round of crowdfunding, which aims to raise £5m.
Penfold co-founder Chris Eastwood says: “Our mission is to give people a modern way of accessing and saving into their pension and challenge the outdated practices that have been held onto for far too long in this industry. More and more savers want a pension that they can easily use and understand, as demonstrated by our growth over the last year.
“We have launched this latest round of crowdfunding to continue this growth, particularly for our workplace pension platform as we aim to provide greater control for pension savers while improving efficiency and reducing cost for businesses. 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.”