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Looking Back On Our Crowdfund

Kyle Chubb
Monday 17th May, 2021

Our crowdfund is now closed. After 24 very busy hours, we exceeded our funding target and welcomed a whole new set of savers into the Penfold community. Here's what happened.

£3.1m in 24 hours

Going into last Monday, we had hoped to raise £1m from our crowdfund.. Our community, it seems, had other plans.

We reached our maximum funding limit of £3.1m, over 300% of our target, in less than 24 hours. Now, 760 savers from our community own a piece of Penfold and we can't thank you enough. We were truly overwhelmed by your support.

Thanks to you, we can continue on our mission to make saving for your future better today. 

Why did we crowdfund?

Penfold has come a long way over the last 18 months. We’ve built a top-rated pension app, a high tech pension administration platform that is fully authorised by the FCA, and helped over 10,000 customers save over £25m for later life.

However, our work is just beginning. This new funding round allows us to keep improving your experience, and keep growing our community.

In the past, we’ve relied entirely on professional investors and institutions to fund Penfold’s growth. We’ve raised £5.5m in total over the last 3 years from early backers of businesses like Spotify and Dropbox. 

This time round, we wanted to do something different. We wanted to open things up to our community. 

The support they've given us since we started Penfold has been staggering. Their feedback, ideas and enthusiasm about our mission has been vital in helping make us who we are today.

That’s why we chose to crowdfund. To give our community the chance to become an even bigger part of our story and let them benefit as we continue to grow.

What happens next?

This crowdfund will help us continue to build the best, modern pension app for today. Here’s a snapshot of just a few of things we have planned:

  • More handy features on our new look app - including tools to help you set your pension goals 
  • Detailed breakdowns on all the companies you are invested in with your pension, including the ability to vote on their policies
  • Our workplace pension so that businesses can start offering Penfold to their employees
  • Many more improvements behind the scenes to keep improving your customer experience 

We’ll continue working towards our goal to help millions of people stop worrying about their future and enjoy today. With your support, the future of Penfold is looking brighter than ever.

Will we crowdfund again?

For those that missed out, don’t worry, we expect this won’t be the last time we offer our customers a chance to invest. If you'd like to take part in any future crowdfund, simply sign up via email. You'll be the first to know all the latest news about Penfold, as well as when we plan on taking on more investment.

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