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Penfold, offering pensions in an app, closes USD 8.5 mln funding round

Monday 31 May 2021 11:46 CET | News

Penfold, a startup that offers a full-stack pension in a smartphone app, has closed an USD 8.5 million funding round, USD 4 million of which was from a crowdfunding campaign.

The company is now approved by the FCA to operate a pension itself rather than relying on third parties and is aimed at freelancers who rarely save. The round was led by Bridford Group.

To use it, consumers download the app, enter bare minimum legal details for KYC, choose one of five investment plans based on age/risk appetite, choose how to fund (recurring direct debit, open banking top up or transfer another pension). Then they receive HMRC 25% top ups until retirement.

One of the most important features of this startup is the ‘Find my pension’ tool where you put in the name of your old employer and it tracks down your old pension pot.

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Keywords: digital banking, digital onboarding, mobile banking, startup
Categories: Banking & Fintech | Online & Mobile Banking
Countries: United States
This article is part of category

Banking & Fintech