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Digital retirement platform Penfold raises $8.5M Series A led by Bridford Group – londonbusinessblog.com

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penfolda digital retirement platform, has closed a Series A funding round of £7 million ($8.49 million) led by Bridford Group, an investment group.

Jeremy Coller, Chief Investment Officer and Chairman of Coller Capital, also participated in the round. Penfold has also raised additional funding through a crowdfund among its client base. The money will be used to expand Penfold’s corporate pension division.

Chris Eastwood, co-founder of Penfold, said (in a statement): “It’s been an important year for Penfold – from launching our workplace pension offering to reaching £100 million AUA.”

Bridford Group, lead investor, commented: “The pension sector represents a huge market – with £8 trillion in savings in the UK alone. Despite this, many people remain uninterested and unconcerned with their retirement. Now that so many people are not saving enough, there is a real chance for a new provider to intervene.”

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