UK’s Penfold, the Digital Pension Platform, Secures £1,847,409 via Crowdcube

Penfold, the digital pension “disrupting” the broken £8 trillion UK pension industry, has raised 194% (£1,945,413) of its £1,000,000 target (at the time of writing) from 942 investors through its crowdfunding campaign carried out via Crowdcube (with just 1 day left in the sale).

Backed by serial Fintech investors, Penfol’s “top-rated” app & in-house pension platform “manages £90m+ savings for 25k+ customers.”

The Fintech firm raised £5 million via a Series A so far “to scale their new B2B workplace.”

The company reports a Pre-money valuation of £40,965,861. It’s offering Equity of 4.32%; a £1.38 share price; EIS.

Penfold is the digital pension “disrupting the broken £8trn UK pension industry.”

Here are the key highlights:

  • 25k+ customers with £90m+ AUA, 4x customer assets year-on-year
  • 150+ B2B clients won since workplace pension launched Autumn 2021
  • £14m raised to date from backers of Spotify, Adyen & Dropbox
  • FCA regulated as a pension operator using in-house tech platform

As clarified in the update, £1.052m of funds on the progress bar “represent funds raised by the Company prior to launching the campaign.” The company has already “received these funds and shares have been issued.”

You can check out the FAQ for details regarding the larger round. Completion of the Crowdcube raise will “occur on the same material terms and share price.”

As noted in the update, the pension industry is “where retail banking was before challenger banks.”

The team started Penfold because they believe “this £8tn industry isn’t working.” Outdated tech and endless jargon “leaves people confused & disengaged.” Millions have “lost track of their pensions or find it too complicated to save for retirement.”

The team claims to have built “a next-generation platform that delivers a modern user experience to get people saving more.”

Their “highly rated” app lets users:

  • Set up a pension in minutes
  • Find & combine old pensions
  • Contribute in a few simple steps
  • Plan for retirement & work to hit their goals

The firm launched as the pension “for the underserved self-employed market but now help all individual savers set up or combine their pensions.”

In late 2021 they launched their workplace pension, which finally “engages employees with their pension and turns an expensive benefit into a retention tool for HR & Finance teams, saving them time and money.”

In 9 months, they’ve “signed 150+ business with ~6.5k employees, including some of the UK’s biggest scale-ups such as Cuvva, Elvie and Attest.”

With 25k+ customers and £90m of assets under administration (AUA), they’ve “grown customers’ savings 4x since our crowdfund last year, charging a fee on AUA.”

Backed by FinTech VCs & 700 Crowdcube investors, they’re raising their Series A “to scale [their] workplace pension.” Their last crowdfund “sold out in 24hrs.”

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