Fintech raises $5.1 million to expand annuity platform for 401(k)s
Major insurers including Allianz Life, Franklin Templeton and Pacific Life are joining a venture firm in backing San Francisco-based Micruity.
Micruity Inc., a San Francisco-based financial technology company, has closed $5.1 million in seed financing to accelerate the expansion of its income connectivity platform, which facilitates the use of annuities inside 401(k)s.
SixThirty Ventures led the round, the company said in a release, joined by strategic investors Allianz Life Insurance Company of North America, Franklin Templeton, Pacific Life and Western & Southern Financial Group. Alpine Meridian Ventures, Great North Ventures and Altari Ventures completed the round.
“Micruity simplifies access to annuities and other guaranteed products through a secure single point of service, connecting plan sponsors and plan members with asset managers, insurers and record keepers to facilitate the frictionless data sharing needed to power these products at scale,” the company said.
“By automating data collection and transfer, Micruity simplifies administration and minimizes the technical resources required to operate decumulation products,” Drew Carrington, head of Franklin Templeton’s institutional defined-contribution business, said in the release.
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