Guiide, a Glasgow-based FinTech focussed on retirement finance planning, has raised £200,000 and welcomed three additions to its team.
According to a report from Financial IT, the funding came from existing investors.
The additions to the Guiide team include two new directors, Clare Hawkins, a former NHS trust chief executive, who will lead on governance and Stewart Lawrie, an experienced financial systems developer, who will lead the company’s development team for the future.
Additionally, Mike Robins, former partner at 3i, who has experience in capital funding and small business growth, has joined Guiide as a board adviser.
Guiide was built and designed with the sole aim of helping improve retirement outcomes at no cost.
The Glasgow FinTech said pension freedoms are great but leave many with a large risk of running out of money. People should take advice, but most aren’t. So given this, Guiide believes people need the right tools to plan and manage their retirement income themselves, rather than just “wing it” on their own.
The funding will be used to support two new initiatives. The first of which is Guiide+, launching soon.
This is an addition to the company’s free online service for registered users. The centrepiece of this development will be a full retirement dashboard showing real-time values for a person’s pensions, and all other sources of income and savings.
The dashboard will also be accompanied by Guiide’s tracking tools showing how a person’s long-term plan is affected as they draw income and as their live pension pot values vary over time.
Guiide+ will also be modelling and supporting more complex and detailed retirement income inputs, including equity release, guaranteed income, and partner income.
Kevin Hollister, founder of Guiide, stated, “Retirement is no longer just about pensions. Our continued goal is to use tech to simplify the mystifying subject which is retirement planning and later life products. We believe a ‘put it all together and do it for me’ approach is the optimal route for the non-advised mass market to get the best retirement outcome.”
The retirement plans division of Ameritas Life Insurance recently launched a digital retirement savings and financial wellness platform, GoalWise.
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