May 24, 2022

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Penelope Raises $2.1M to Accelerate Small-Business Adoption of 401(k) Plans


Penelope facilitates retirement discounts designs for SMBs and business people across all demographics to achieve economic safety

NEW YORK, March 16, 2022 /PRNewswire/ — Reworking how compact firms develop vivid fiscal futures as a result of 401(k)s, Penelope has effectively elevated $2.1 million in pre-seed fundraising led by Slauson & Co. Further investors incorporate Amplify LA, Black Jays and executives from Wells Fargo, Citigroup and US Bank. The funding will be used to create a self-support retirement system for compact and micro businesses, grow Penelope’s staff and accelerate customer onboarding.

Given that Penelope’s launch in January, the New York-based corporation has seen incredible purchaser expansion and has promptly established alone as a powerhouse platform crafted for securing steady economic futures for people today who have been generally forgotten, this kind of as minorities, household-owned firms and solo-preneurs. By shaping its items to be inclusive and available, Penelope empowers small and micro companies to framework manageable retirement programs that very best serve their staff.

“Saving for retirement is an crucial software for making prosperity and money equality. For many modest business owners, the jargon, paperwork and time essential would make retirement ideas out of reach,” explained Austin Clements, Managing Lover at Slauson & Co. “Penelope essentially alterations the way modest business house owners and staff devote in on their own, their families and their communities.”

Through a minimal-value membership model, Penelope’s technological know-how platform automates personnel investing, streamlines price and paperwork, presents functional price savings resources for employees, and offers the selection of Pooled Employer Strategies (PEP), classic 401(k)s and Solo 401(k)s. Built particularly for micro and small companies, Penelope gets rid of the hidden fees and complexities to assistance companies simply established up the suitable strategy, reducing fiduciary liability and administrative stress. With Penelope, compact corporations can much more simply adhere to state polices requiring businesses with a lot more than five workforce to present competent retirement programs.

“Our mission is to make the American desire of generational prosperity setting up out there to small companies and startups by making entry to inexpensive 401(k) types and enabling financial inclusion throughout all socioeconomic ranges,” stated Jean Clever, CEO and Founder of Penelope. “Traditionally, their incapability to present a channel for prolonged phrase fiscal safety for personnel by means of a 401(k) program has created smaller sized businesses vulnerable to getting rid of talent. With Penelope, this legacy obstacle is no longer a concern.”

About Penelope:
Penelope is the retirement financial savings system for tiny companies and the 60 million People in america who do the job for them. A reduced-value 401(k) membership product, Penelope presents very affordable and streamlined cost savings autos for small small business entrepreneurs and their workers without hidden charges, problem or unneeded jargon. Penelope’s intuitive technological innovation system automates staff investing, streamlines charges and paperwork, and supplies discovering tools for personnel. For more info, go to https://www.Penelope.co.

Media Get hold of:
Liang Zhao
[email protected]
505-720-6933

Cision Watch original content to down load multimedia:https://www.prnewswire.com/information-releases/penelope-raises-2-1m-to-speed up-smaller-company-adoption-of-401k-strategies-301503730.html

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