# Penny Technology

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

- Industry: Financial Services
- Headquarters: Bristol, UK
- Website: www.trypenny.com
- Total disclosed funding: $5.2M
- Latest round: Seed (Apr 11, 2022)
- Investors on record: 2

## About

Based in Bristol, UK, and founded in 2019, Penny Technology Limited operates as a technology-based finance company that offers mobile applications to their customers to merge and manage pensions. The company was Co-founded by Josh Stott (CEO), Ben Stokes, and Nate Stott. In July 2022, Penny Technology Limited raised GBP 4 million in seed funding led by Gradient Ventures, and SFC Capital.

The firm offers a mobile application that helps users to view their pensions in real time using their phones and could access their pension balance like any other bank balance. The application also allows users to move their pension into a new pension account. It also allows users to choose their pension plans which are the balanced plan with a risk/reward profile of 4/7, The ethical plan with a risk/reward profile of 5/7, and the cautious plan with a risk/reward profile of 3/7.

The firm generates its revenue by charging an annual management fee which sums up to 0.75 to 0.78 percent of the total value of the pension plan.

The company plans to use the July 2022 funding to expand its market in the US and add more features to the app including the ability to trade stocks and cryptocurrency directly from pension pots.

## Funding rounds

- Seed, Apr 11, 2022, $5.2M — SFC Capital, Gradient Ventures

## Investors

- SFC Capital (https://capitalatlas.ai/funds/sfc-capital) — Seed
- Gradient Ventures (https://capitalatlas.ai/funds/gradient-ventures) — Seed