# Penny App

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/penny-app

- Industry: Financial Services
- Headquarters: San Francisco, US
- Website: www.pennyapp.io
- Total disclosed funding: $1.2M
- Latest round: Seed (May 23, 2016)
- Investors on record: 1

## About

Penny App is a personal finance application that helps users efficiently manage their income and expenses through an engaging conversational interface, offering tailored financial insights and advice for improved financial literacy.Penny App, founded in 2015 and headquartered in San Francisco, US, is a personal finance application that assists users in managing their finances. The company experienced a pivotal change when it was acquired by Credit Karma, integrating its functionalities into Credit Karma's platform. The founder, Neil Meyrick, has a background in technology and entrepreneurship, although specific past ventures are not listed. In May 2016, Penny App received USD 1.2 mn in Seed funding led by Social Capital, marking the total amount raised by the company at USD 1.2 mn.Penny was a personal finance application designed to assist users in managing their income and expenditures effectively. The app provided a conversational interface where users could engage with Penny to receive insights and advice related to their financial activities. By utilizing automated interactions, Penny aimed to simplify the financial management process, offering users valuable information tailored to their spending habits and income streams. Following its acquisition by Credit Karma, the functionalities and guidance previously offered by Penny have been integrated into Credit Karma's platform, broadening its reach to millions of users across various geographical markets, primarily within the United States but also in other regions where Credit Karma operates.Revenue generation for Penny primarily stemmed from its integration with Credit Karma, which provides users with free access to credit scores and various financial services. The interaction model was based on user engagement with the app and subsequent offers or services available through Credit Karma, potentially including partnerships with financial institutions. Clients benefited from a value-added approach where Penny's insights guided them toward additional financial products offered by Credit Karma, creating a streamlined user experience. While specific pricing plans related to the individual app services were not disclosed, the overall offering was designed to maintain accessibility for users seeking financial advice and management tools.The most recent deal date for Penny App was May 23, 2016, when Social Capital led a USD 1.2 mn Seed financing round. While specific details on upcoming products or geographic expansions have not been disclosed, the funding is expected to support initiatives that enhance the integration of Penny’s features within Credit Karma's platform, aiming to improve user experience and potentially reach new markets.

## Funding rounds

- Seed, May 23, 2016, $1.2M — Social Capital

## Investors

- Social Capital (https://capitalatlas.ai/funds/social-capital) — Seed