Penelope, which facilitates retirement saving plans for small and medium-sized businesses (SMBs) and entrepreneurs, has raised $21m in pre-seed funding.
The round was led by by Slauson & Co. Additional investors included Amplify LA, Black Jays and executives from Wells Fargo, Citigroup and US Bank.
Penelope is a retirement savings platform for small business owners and their employees. The company operates a low-cost 401(k) subscription model and automates employee investing, streamlines costs and paperwork, and provides learning tools for employees.
The funding will be used to create a self-service retirement platform for small and micro businesses, expand Penelope’s team and accelerate customer onboarding.
Jean Smart, CEO and founder of Penelope, said, “Our mission is to make the American dream of generational wealth building available to small businesses and startups by creating access to affordable 401(k) models and enabling financial inclusion across all socioeconomic levels.
“Historically, their inability to provide a channel for long term financial security for employees through a 401(k) plan has made smaller businesses vulnerable to losing talent. With Penelope, this legacy obstacle is no longer a concern.”
Copyright © 2022 FinTech Global
