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Penfold announces launch of latest crowdfunding round
Penfold, the digital pensions platform, today announces the launch of its latest crowdfunding round, following significant growth of the business and the launch of its workplace pension platform in late 2021. Individuals can register now for early access on 25th July 2022 via Penfold’s crowdfunding page, with the round opening to the general public on 26th July 2022.
As a modern pensions provider, Penfold is on a mission to disrupt the industry and provide savers with a next generation platform that delivers a better user experience and gets people saving more for retirement.
Since its inception, Penfold’s customer base has grown to more than 25,000 savers with over £90m of assets and the business has successfully quadrupled its customers’ savings since its last crowdfund last year, which sold out in 24 hours.
This round of crowdfunding, which is aiming to raise £5m, is being opened to expand the pension provider’s workplace pension division, which has signed more than 150 businesses since its launch nine months ago including some of the UK’s biggest scale-ups such as Cuvva, Elvie and Attest.
Chris Eastwood, Co-Founder at Penfold, comments:
“Our mission is to give people a modern way of accessing and saving into their pension and challenge the outdated practices that have been held onto for far too long in this industry. More and more savers want a pension that they can easily use and understand, as demonstrated by our growth over the last year.
“We have launched this latest round of crowdfunding to continue this growth, particularly for our workplace pension platform as we aim to provide greater control for pension savers, while improving efficiency and reducing cost for businesses. 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.”
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