Digital pension platform Penfold raises $8.5 million Series A led by Bridford Group – TechCrunch

Penfoldsa digital pensions platform, has closed a £7 million ($8.49 million) Series A funding round led by Bridford Group, an investment group.

Also participating in this round were Jeremy Coller, Chief Investment Officer and Chairman of Coller Capital. Penfold has also raised additional capital through crowdfunding from its client base. The cash will be used to expand Penfold’s workplace pensions division.

Chris Eastwood, Co-Founder at Penfold, commented (in a statement): “It has been a big year for Penfolds – from launching the workplace benefits service, to reaching £100 million AUA. .”

Bridford Group, lead investor, commented: “The pensions industry represents a huge market – with £8m in savings in the UK alone. Even so, many people still don’t care and don’t care about their pension. With so many people saving not enough, there is a real opportunity for a new provider to step in. ”

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