Micruity, a pioneering financial technology firm, recently announced the successful closure of a strategic funding round, amassing $5m.
This significant financial boost was contributed by notable investors including Prudential, State Street Global Advisors, and TIAA Ventures, with additional support from existing partners Pacific Life and Western & Southern Financial Group. To date, Micruity has garnered over $11m in investment from key players in the retirement sector.
The company specializes in developing robust infrastructure to support both accumulation annuities and non-guaranteed income products through its innovative Micruity platform. This platform serves as a critical tool in addressing the retirement planning needs of Americans by enhancing the management and delivery of retirement savings and income solutions.
The newly acquired funds are earmarked for significant expansion efforts.
Micruity aims to enhance its platform’s capabilities to support not only retirees but also younger Americans still in the saving phase of their retirement journey.
Trevor Gary, Founder and CEO of Micruity, highlighted the importance of the funding, stating, “Successive financial crises have eroded the retirement savings of many Americans who now face the prospect of outliving their savings. By building the infrastructure necessary to enhance the user experience of both guaranteed and non-guaranteed income products, Micruity, along with our partners, can help close this gap and deliver a safe and secure retirement.”
Ann Nanda, Head of Future Growth Initiatives and Distribution Enablement at Prudential Retirement Strategies, said, “A single access point means Prudential can quickly and easily work with multiple partners to deliver protected growth and protected income solutions — all with a seamless user experience to help expand access to retirement security.”
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