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Penny
Finds and manages pensions
- 1-20 employees
- Fintech
- B2C
- Personal finance
- Financial Services
- Mobile
- Arno's Vale, Bristol, UK
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Company mission
Automate pensions, for everyone.
Few candidates hear
back within 2 weeks
Our take
Traditionally, most people worked for the same firm their whole lives, and they could be sure their company pension would be taken care of. Nowadays, many of us hop from employer to employer, often with periods of freelancing in between, and it's difficult to keep track of all the different pension pots we've paid into. This is the widespread challenge that Penny is hoping to capitalise on through their app.
The company can automatically find all your old misplaced pensions, and then collate them into one place - like a current account for pensions. Penny's app-first interface is intentional: the company wants to make finding, viewing and managing your pensions to be as easy as checking your bank balance. However, it could also face stiff competition from the likes of Moneybox, who offers similar services, so making sure its platform is effective, visible and cost-effective will be the key priorities for Penny going forward.
There is no doubt that this is a big potential market. Total private pension wealth in Great Britain was £6.1 trillion in April 2016 to March 2018, and since almost everyone has (or will have) a pension at some point, the potential consumer base for Penny is extremely large.
Kirsty
Company Specialist at Welcome to the Jungle
Benefits
- Flexible Hours
- Laptop & Gear
- A great pension (ofc!)
- Flexible Holidays
- Remote
Company values
- Simplicity – this is our product North Star
- Autonomy – high trust, high ownership
- Optimism – we believe we can change the future (of a massive industry)
- Transparency – we overcommunicate
- Fun – we’re enjoying ourselves, doing our best work
Funding (last 2 of 3 rounds)
Jul 2022
$5.1m
SEED
Nov 2021
$0.2m
SEED
Total funding: $5.8m
This company has top investors
Leadership
Josh Stott
(Co-founder)Leads the Penny team. Previously founded a web-tech startup. Loves snowboarding and chips.
Nate Stott
(Co-founder)Economics grad, re-trained in web dev in Paris. Nate is Head of Pensions at Penny, and oversees internal Ops.
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