New York, NY – March 16th, 2022 - Transforming how small businesses build bright financial futures through 401(k)s, Penelope has successfully raised $2.1 million in pre-seed fundraising led by Slauson & Co. Additional investors include Amplify LA, Black Jays and executives from Wells Fargo, Citigroup and US Bank. 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.
Since Penelope’s launch in January, the New York-based company has seen tremendous customer growth and has quickly established itself as a powerhouse platform built for securing stable financial futures for individuals who have been often overlooked, such as minorities, family-owned businesses and solo-preneurs. By shaping its products to be inclusive and accessible, Penelope empowers small and micro businesses to structure manageable retirement programs that best serve their employees.
“Saving for retirement is an essential tool for building wealth and financial equality. For many small business owners, the jargon, paperwork and time required makes retirement plans out of reach,” said Austin Clements, Managing Partner at Slauson & Co. “Penelope fundamentally changes the way small business owners and employees invest in themselves, their families and their communities.”
Through a low-cost subscription model, Penelope’s technology platform automates employee investing, streamlines cost and paperwork, provides practical savings tools for employees, and offers the choice of Pooled Employer Plans (PEP), traditional 401(k)s and Solo 401(k)s. Built specifically for micro and small businesses, Penelope eliminates the hidden fees and complexities to help employers easily set up the right plan, reducing fiduciary liability and administrative burden. With Penelope, small businesses can more easily adhere to state regulations requiring companies with more than five employees to offer qualified retirement plans.
“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,” said Jean Smart, CEO and Founder of Penelope. “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.”
Penelope is the retirement savings platform for small businesses and the 60 million Americans who work for them. A low-cost 401(k) subscription model, Penelope provides affordable and streamlined savings vehicles for small business owners and their employees without hidden charges, hassle or unnecessary jargon. Penelope’s intuitive technology platform automates employee investing, streamlines costs and paperwork, and provides learning tools for employees. For more information, visit www.Penelope.co.