Founded in Bristol in 2019 and now remote-first, Penny launched to market roughly a year ago and offers a mobile app (Android and iOS) that automatically finds customers' current and historical pensions using NLP on varied data sources. The platform extracts pension information from messy digital documents and public/private sources so users who lack policy numbers can still consolidate pots. Penny consolidates customers' pensions into a new plan managed by HSBC while displaying each pot separately in the app to match how users mentally link pensions to jobs. The company charges a single annual management fee of 0.75% after consolidation. Penny says it has helped thousands of British customers locate and consolidate more than £50 million in pension assets. The startup is focused on the UK for the foreseeable future, plans a California launch in the coming years, and intends to add features such as stock trading from pension pots and, eventually, crypto.

Total raised

$5M

Funding rounds

1

Latest round

Seed

Latest activity

Jul 2022