Neobank startup Penfold raised Series A round of $8.5M

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

Also participating in the round was Jeremy Coller, chief investment officer and chairman of Coller Capital. Penfold also raised additional funding via a crowdfund amongst its customer base. The cash will be used to expand Penfold’s workplace pension division.

Chris Eastwood, co-founder at Penfold, commented (in a statement): “It’s been a big year for Penfold — from launching our workplace pension offering, to reaching £100 million AUA.”

Bridford Group, lead investor, commented: “The pensions industry represents a huge market — with £8 trillion in savings in the U.K. alone. Despite this, many people remain uninterested and unengaged in their pensions. With so many people not saving enough, there’s a real opportunity for a new provider to step in.”