Penny raises $4.8 million

Penny, a startup making finding, viewing and managing pensions “as easy as checking your bank balance,” has raised $4.8 million from Google Gradient Ventures and several angel investors such as Monzo founder Tom Blomfield and Payhawk co-founder and CEO Christo Borisov.

Founded in 2019, the UK-based startup offers a platform that consolidates users’ pension funds under a single roof. After users sign up and provide some info, Penny searches for their pensions and transfers them to its platform where it charges an annual fee of 0.75%. Penny offers some guarantees and the money is managed by HSBC or Vanguard.

The startup launched roughly a year ago and it claims to have helped thousands of British customers locate and consolidate all their current and historical pension funds, amounting to $60+ million.

Penny plans to launch in California in the next few years.

“At Gradient, we fund great teams and products in massive markets. The pension market is trillions of dollars worldwide, and accessing these funds is cumbersome for all savers and especially for retirees.” – Gradient Ventures’ general partner Darian Shirazi.