Penfold, a UK-based digital pension solution, has successfully secured more than £3 million through its equity crowdfunding campaign on Crowdcube. The funding round, which originally sought to raise a minimum of £1 million, has attracted nearly 700 Crowdcube investors so far.
Launched in 2019, Penfold stated its mission is to help people prepare properly for the future by offering a digital pension that is managed fully through its mobile app.
“People are living longer. This means you might have 20 or 30 years after you stop working where you are free to do whatever you want! But if you want to spend a third of a lifetime travelling, relaxing in your dream home, doing what you love or just hanging out with your grandkids, you’ll need a bit of money.”
Penfold also claims that its custom-built technology automates traditionally manual processes, helping it to deliver a “seamless, flexible, user experience and outstanding” customer service to anyone. Since launching, the company has attracted more than 10,000 customers with £24 million AUM, and growing assets 140% in the past four months. In 2020, Penfold formed a partnership with Starling Bank to offer its services to the bank’s small business customers.
“We started with the UK’s 5m self-employed, as 86% weren’t saving into a pension. Penfold is now open to everyone and we’ll soon launch workplace pensions to broaden our customer base even more. With £7 trillion held in UK pension funds, but millions still not saving enough, the market is huge and ready for disruption.”
Penfold is also backed by Force Over Mass Capital, Plug & Play Ventures, as well as early backers of Adyen and Spotify. The company is planning to use the Crowdcube campaign funds to accelerate its growth. It is now offering 9.70% in equity at a £28,424,987 pre-money valuation through the funding round, which is set to close mid-June.
Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!