London insurtech startup Penfold raises £6M funding to simplify pensions

Based out of London, Penfold is a digital pension platform managed fully on your mobile phone. Recently, the company has secured £6 million in funding, £3 million of which was from a crowdfunding campaign. The funding round was led by Bridford Investments Limited. 

Other investors including Force Over Mass Capital, Elkstone Capital, and several angel investors, including Alan Morgan of MMC Ventures and other senior figures in the finance industry, also participated. With this funding round, Penfold has raised £9 million.

The capital will be used to fund further growth for the business – expanding the team and activating an out-of-home marketing campaign.

Founded by Pete Hykin, Stuart Robinson, and Chris Eastwood in 2019, Penfold is a digital alternative to traditional pension companies, allowing users to set up, manage and track their pensions easily online and via the app. 

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