Digital Pension Answer Penfold Raises Over £three Million By Fairness Crowdfunding Marketing campaign on Crowdcube

Penfold, a UK-based digital pension answer, has efficiently secured greater than £three million via its fairness crowdfunding marketing campaign on Crowdcube. The funding spherical, which initially sought to boost a minimal of £1 million, has attracted practically 700 Crowdcube buyers to date.

Launched in 2019, Penfold acknowledged its mission is to assist folks put together correctly for the longer term by providing a digital pension that’s managed totally via its cellular app.

“Persons are residing longer. This implies you may need 20 or 30 years after you cease working the place you might be free to do no matter you need! However if you wish to spend a 3rd of a lifetime travelling, enjoyable in your dream residence, doing what you’re keen on or simply hanging out together with your grandkids, you’ll want a bit of cash.”

Penfold additionally claims that its custom-built know-how automates historically guide processes, serving to it to ship a “seamless, versatile, consumer expertise and excellent” customer support to anybody. Since launching, the corporate has attracted greater than 10,000 clients with £24 million AUM, and rising belongings 140% prior to now 4 months. In 2020, Penfold shaped a partnership with Starling Financial institution to supply its providers to the financial institution’s small enterprise clients.

“We began with the UK’s 5m self-employed, as 86% weren’t saving right into a pension. Penfold is now open to everybody and we’ll quickly launch office pensions to broaden our buyer base much more. With £7 trillion held in UK pension funds, however thousands and thousands nonetheless not saving sufficient, the market is large and prepared for disruption.”

Penfold can also be backed by Power Over Mass Capital, Plug & Play Ventures, in addition to early backers of Adyen and Spotify. The corporate is planning to make use of the Crowdcube marketing campaign funds to speed up its development. It’s now providing 9.70% in fairness at a £28,424,987 pre-money valuation via the funding spherical, which is about to shut mid-June.