Money reclaiming app Gretel closes $1m pre-seed

UK-based Gretel, which helps financial organisations reconnect customers with lost insurance products, bank accounts, pensions, savings and investments, has closed its pre-seed on $1m.

The investment was led by Insurtech Gateway and RLC Ventures, with commitments also coming from unnamed strategic angel investors.

Gretel offers technology that enables companies to automate customer reconnection and comply with regulatory challenges.

Its platform is used by several leading banks and insurers ahead of its wider launch to the market.

Gretel claims to be the only hub that covers the entire financial services industry and is free for all customers. When signed up, Gretel will constantly look for lost monies and flag any new accounts when they are identified.

When the technology finds lost accounts, it helps connect the user with the provider and walk them through how to reclaim their money.

In a statement announcing the funding round, Gretel said its dashboard is coming out at a crucial time for people in the UK. It stated there are nearly 20 million customer accounts with a combined value of over £50bn that have been lost or forgotten by the rightful owners.

Gretel CEO Duncan Stevens said, “We know the financial services industry wants to do all it can to help customers reconnect with their money and this next round of funding will enable Gretel to scale rapidly post launch to meet client demand. It will also allow us to bring forward a number of exciting and complementary product developments aimed at further addressing the lack of digitisation in this space.

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