Penfold, the digital pensions platform, today announces the close of its £7m Series A funding round. This follows the significant expansion of the business and the launch of its workplace pension platform in late 2021. 

The round was led by Bridford Group, an investment group that deploys its permanent proprietary capital in a range of sectors, including tech, sustainability, and biotech. Bridford Group and its affiliates have been invested in Penfold since its first funding round in 2018.  

Penfold also opened the round to its customer base and the wider community with a crowdfund which reached 190% of its goal from over 900 contributors. 

Penfold launched its Series A in order to expand the pension provider’s workplace pension division, which has signed more than 150 businesses since its launch ten months ago, including some of the UK’s biggest scale-ups such as Cuvva, Elvie and Attest.  

Penfold’s workplace pension scheme is designed to give employees greater control and ease of access over their pension and to transform an expensive and often underappreciated benefit into a powerful retention tool for businesses.  

Penfold’s goal is to help everyone save more for retirement, and by offering its pension to everyone, from the self-employed to large employers, Penfold can deliver on its aim to be the pension that stays with you for life. 

Penfold Closes £7m Series A Funding Round To Accelerate Growth. Congratulations to the entire team. I wish you great success in this endeavour.

Shishir Gupta, Founder and CEO, StartupLanes

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