Pension disrupter Penfold has launched a new crowdfunding campaign following a period of significant growth.
The company, which launched in 2019, has tripled the number of clients using its workplace pension platform in recent years . It now has1,200 businesses, covering 62,000 individual savers using its service. Collectively it now administers over £350m of assets.
Penfold recently raised £1.5m from major shareholders, taking its total funding to £19m. This is the first crowdfunding appeal open to the general public since 2022. The previous appeal sold out just hours after going live.
Penfold purpose-built platform is used in both the direct-to-consumer and workplace pensions market, in 2023 the company launched the Penfold Platform, specifically designed to offer a simplified and intuitive pension processing solution for accountants.
Penfold said that money raised from this crowdfunding will help boost the company’s growth particularly in the workplace market, helping to “secure” its path to profitability. It also intends to use funds to make improvements to its app and further invest in its customer service capabilities for all customers.
Penfold co-founder Chris Eastwood says: “Our mission is to encourage more people to save for later life by providing a simple way to access and save into their pension.
“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.”