Digital retirement plan company Blueprint Income has closed a $2.75m seed round, alongside the launch of its platform.
Green Visor Capital and NextView Ventures led the investment, while participation also came from Core Innovation Capital, Kairos, and angel investor Jean Chatzky, among others.
New York-based Blueprint is a digital retirement plan that guarantees paychecks for as long as the consumer lives. The Personal Pension plan works by the holder purchasing it over time, and doesn’t require an employer’s sponsorship.
Subscribers are able to start the plan from just $5,000 and can then make optional installments from $100 when they wish. Each contribution helps to lock in the monthly retirement income the holder will receive.
Blueprint hopes to lower costs, improve transaction speeds and opening pensions up to more people.
“Retirement security in this country is undeniably inadequate,” says CEO Matt Carey. “The 401(k) was never meant to be the main vehicle for retirement. Having your entire retirement wrapped up in the stock market is an increasingly untenable solution. If we don’t change how we approach retirement, it will quickly become something only the top 1% can afford to do.”
Earlier in the year, technology solution developer for banks and asset managers Ascensus acquired Qualified Plans. The company offers plan design, consultation, compliance, and administration services for both defined contribution and defined benefit plans, to ensure an effective retirement plan.
Last year, FinTech Global reported Green Visor Capital had pulled in up to $51m for its second fund. The vehicle was targeting $200m, but it is unclear if it has reached its goal.
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