Penfold is crowdfunding!

  •  By
  •  Chris Eastwood

Today we’re thrilled to announce that we’re once again giving our savers the chance to join in our mission to make pensions better. We're crowdfunding!

Here’s what’s happening and why we’re doing it.

Join our mission to fix pensions

This crowdfund is all about opening up Penfold to our wonderful community.

We started Penfold for one reason. We believe that pensions today just aren’t good enough.

Traditional providers make saving for retirement too difficult. Outdated technology and endless jargon leaves people confused and disengaged.

So we built a modern, easy to use pension that has already helped over 63,000 customers save more than £375m for later life.

Our mission is to be the pension that stays with people throughout their life and gets millions more people saving enough for retirement.

We’re offering you the exclusive opportunity to play your part in this mission.

What is a crowdfund?

Crowdfunding is a way for growing businesses to receive investments from their community.

Savers like you have helped Penfold become what we are today - and now, you can join our story. This crowdfund gives you the chance to own shares in Penfold and become an integral part of our story from as little as £11.

Penfold will be listed on Crowdcube, the UK’s largest online crowdfunding platform.

You may remember we have run two crowdfunds previously, in 2021 and 2022.

Our progress

We were thrilled to have 1,568 investors join one of our two previous Crowdfund campaigns, which reached a total of £4.8m across 2021 and 2022.

A lot has happened since then. We have continued to scale up our popular workplace pension, now reaching over 1,200 clients, ranging in size from 2 employees to over 3,000!

We have also launched our new workplace platform which helps accountants and employers manage their pension scheme in a much more streamlined way.

Since our last crowdfund in the summer of 2022, we have:

  • Grown customer assets under administration (AuA) over 4x to £375m+
  • Grown our customer base more than 2.5x to 63,000+
  • Scaled up our workplace pension, growing our client base 8x to over 1,200 businesses

We are now raising a top-up investment round to continue the expansion of our workplace pension and keep improving our product and service for all customers.

Our shareholders have committed over £1m already, taking us to a total of £19m in funding since we started Penfold.

Now, we’re inviting you, our community, to join in.

Why invest in Penfold?

On top of continuing to deliver more for our existing savers, we’re also looking to bring our amazing pension experience to even more people.

A big part of our future will be continuing to build our popular workplace pension.

Penfold workplace launched in November 2021 and has grown quickly. Today, we’re the pension provider for over 1,200 businesses, looking after more than 36,000 staff - alongside our 27,000 private customers.

We’re raising a top-up investment round to build on this momentum and fund our next chapter of growth.

We’re also excited to say that this funding round gives us the ability to aim for profitability as a business without any more fundraises in future.

That’s where you come in. Invest in Penfold during our crowdfund and you’ll also qualify for exclusive investor rewards.

  • £10+ Pilot: Everyone who invests receives an investor badge in the Penfold app and an invitation to the beta list for early access to new and premium features.
  • £750+ Captain: The same as Pilot plus 0.5% off your Penfold management fees from 1st April 2024 to 30th June 2024.
  • £1,500+ Astronaut: The same as Pilot and 0.5% off your Penfold management fees from 1st April 2024 to 30th September 2024.

How to get involved

In order to join our crowdfund, you’ll need to set up a Crowdcube account.
Crowdcube are the UK’s largest crowdfunding platform, offering some of the most exciting business in FinTech and beyond the chance to attract further investment.

You should also pre-register your interest to make sure you stay up to date with all the latest news as we approach the big day.

Don’t forget, our first crowdfund reached capacity in less than 24 hours!

A photo of Chris Eastwood

Chris Eastwood

Penfold Co-CEO and Co-Founder