UK-based FinTech company Penny has reportedly collected £4m ($4.7m) in its seed funding round, which was led by Google’s Gradient Ventures.
Contributions also came from Monzo founder Tom Blomfield and Payhawk co-founder and CEO Hristo Borisov, according to a report from TechCrunch.
This fresh capital injection values Penny at £25m.
The company is currently planning to launch new features in its app, including the ability to trade stocks directly from pension pots. It is also exploring crypto tools.
In the longer term, Penny hopes to launch its services in California in the next few years.
Founded in 2019, Penny offers a mobile app that helps people find their pensions from old jobs and transfer them to the app. To start, the user simply answers a few questions, and the app will then look for any pensions the person has.
Earlier this week, digital pensions platform Penfold launched a new crowdfunding campaign with the hopes to raise £5m. The company aims to help people better prepare for their retirement with improved pension experiences.
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