Bridford Group invested $8.49 million in Penfold, a digital pensions platform, in an Series A funding round.
Penfold not only got funding from Jeremy Coller, the Chief Investment Officer and Chairman of Coller Capital, but also through a crowdfund among their customer base. The extra funding will be used to expand their workplace pension division.
Penfold has had a big year: they launched their workplace pension offering, opened an office in New York, and reached $100 million in assets under administration. Chris Eastwood, one of the co-founders of Penfold, made a statement about all of these things.
The pensions industry is huge, with $8 trillion in savings in the UK alone. Although many people are not interested or engaged in their pensions, there is a opportunity for a new company to become a provider because so many people are not saving enough money for their retirement. That was the comment made by the lead investor in Bridford Group.
