Micruity raises $20 million
Micruity, a financial technology infrastructure company, has raised a $20 million Series A round co-led by Rebalance Capital and Nationwide Ventures, with participation from J.P. Morgan Asset Management, RGA, Guardian Life, Collab Capital, State Street Investment Management and TIAA Ventures, Allianz Life, Prudential Financial, Western & Southern Financial Group, Pacific Life, and SixThirty Ventures.
This round brings total funding to date to $27 million.
Founded in 2017, Micruity simplifies access to annuities and other guaranteed retirement income products. The Micruity platform connects recordkeepers, life insurers, and asset managers through a single connection, “significantly reducing the administrative burden” of managing multiple products across several plans while delivering targeted savings and income solutions.
“The retirement system was built for saving, not for generating a paycheck, and that’s the gap we’re closing. Every American saver deserves income they can rely on, and that requires modern infrastructure. This new funding accelerates our work connecting recordkeepers, asset managers, and insurers so retirement paychecks become the default, not the exception.” – Trevor Gary, CEO and co-founder of Micruity.
“Workers spend decades saving for retirement, but the system still doesn’t provide a clear, reliable way to turn those savings into income. Micruity is fixing the missing infrastructure that has held the industry back for years. They’re the connective tissue that finally makes lifetime income scalable — and brings true financial security within reach for millions of savers.” – Josh Tanenbaum, managing partner at Rebalance Capital.
“A dependable retirement paycheck is one of the biggest unmet needs facing American workers. As Nationwide works to drive awareness of the powerful role protected retirement solutions can play for retirement savers, Micruity’s infrastructure will help us make them scalable, portable, and accessible across the workplace savings system.” – Cathy Marasco, vice president of Protected Retirement for Nationwide Retirement Solutions.
