Bristol-based fintech Penny backed by Google and Monzo founder
Bristol-based fintech Penny has raised £4m in seed funding, with contributions coming from Google’s Gradient Ventures and Monzo co-founder Tom Blomfield.
First reported by TechCrunch, Penny is a mobile app that tracks people’s pensions and uses automation to combine them all into one account.
“The average, hard-working person doesn’t have a clue who their pension provider is, let alone who their past employers used as their pension providers,” Josh Stott, co-founder and CEO of Penny told TechCrunch.
Gradient Ventures is Google’s AI investment fund, which predominantly invests in US-based companies. Its recent investments include shift worker platform Sona, which raised £5m in a seed round.
“Quite quickly, you have most of your net worth scattered around various pension providers. Do you think the pension providers care? Or do you think they’re happy to keep charging fees on your old pension pot,” added Josh Stott.
According to Dealroom, Penny has received $5.5m (£4.6m) in funding and is valued at $33m (£27.8m). Penny has plans to launch in California in the “next few years” and wants to add new features to its app such as trading crypto.
Previous investments by Blomfield include hiring software startup Screenloop and investment firm Entrepreneur First’s Series C.