The company has secured seed backing from senior executives in the asset management sector to develop its core platform.
"I know from personal experience how prohibitively costly and time-consuming it can be to build high-quality digital wealth products on top of wealth tech platforms offered by the established players. They are clunky and unsuited for the digital age. Over the last year or so of talking to the wealth management industry, it’s evident that the frustration is shared widely but alternatives are non-existent. I’m delighted that we have attracted an amazing group of investors who share our vision of harnessing the power of cutting-edge technology to increase access to high-quality financial services to the masses and I can’t wait to unveil the production-ready platform later this year."
The Crowdcube campaign overfunded by 158% and attracted 1,731 new investors.
"The success of the Crowdcube campaign has demonstrated an appetite to align premium financial services with the digital world, especially when it comes to combining everyday banking with Wealth management. The one-size-fits-all does not resonate for the growing number of young people who are seeking a financial partner where they feel valued and heard. This demographic is demanding a certain level of experience from its bank; one that educates on the purpose of wealth management in a safe, technologically secure, and practical manner – without compromising on the high tech and high touch personalised service."
The financing round was led by Maven Capital Partners alongside the government-backed Future Fund.
"Despite an incredibly challenging year, the Hive platform continues to provide a key service to more and more organisations as they evolve their remote working operation. Today’s transaction is a further testament to all that Hive has achieved since we originally invested in 2019 and our belief in the future growth of the company. John and his team have created a strong business and we look forward to working with them as they accelerate their development plans."
The seed round was led by Barclay Ventures and will fund national and international expansion.
"With flexibility top of the agenda, collaboration, creativity and innovation will be central to office design in a post-COVID world. Space needs to be able to bring teams together, enhancing wellbeing and re-building company culture. We’re bringing together both sides of the equation to provide the best solution for all."
The funding round was led by Bridford Investments and featured a crowdfunding campaign on Crowdcube.
"The sheer popularity of the crowdfund shows that Penfold is a solution to a real problem for lots of people. Saving for your future should be as easy as online banking, but the legacy pension companies are making it hard for consumers to have visibility or control of their pension pots. We’re cutting out the complexity in pensions – and people are showing their support by investing in us."
