Penny is a mobile‑first platform that consolidates multiple UK pension pots into a single FCA‑regulated personal pension account. Using AI‑driven automation, it transfers assets from major providers, invests them in regulated HSBC funds, and provides real‑time dashboards, FSCS protection, and in‑app support.
Funding
$4.8M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many UK workers accumulate multiple inactive pension pots as they change jobs, leading to fragmented records, administrative hassle, and limited visibility of their total retirement savings. This dispersion can also increase the risk of missing out on benefits or incurring unnecessary fees.
Solution
Penny offers a mobile‑first platform that automatically identifies a user’s existing pension accounts, initiates transfers from all major UK providers, and consolidates them into a single, FCA‑regulated personal pension account. The service leverages AI to streamline the paperwork and transfer workflow, reducing manual effort and processing time. Once consolidated, the pension is invested in a selection of regulated HSBC funds, with a default balanced option for long‑term growth. The app provides real‑time portfolio dashboards, regular performance updates, and educational explainers to keep users informed. All assets are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000, and users can access live chat support for personalized assistance.
Target Audience
The primary customers are UK individuals who have multiple inactive pension pots and seek a streamlined, secure way to consolidate and manage their retirement savings. The service also appeals to financially‑savvy consumers who prefer digital self‑service tools backed by professional investment management.
Features
- AI‑driven transfer engine that automates data capture and submission for pension migrations across all major UK providers.
- Single, FCA‑authorized personal pension account that aggregates multiple pots into one view.
- Investment management through a suite of regulated HSBC funds, including a default balanced portfolio.
- Real‑time analytics dashboard with interactive charts, balance tracking, and performance alerts.
- FSCS protection covering each pension up to £85,000 for added security.
- In‑app live chat with a dedicated support team for prompt, human assistance.
- Built‑in educational content and explainers to demystify pension concepts and investment choices.
- Secure data handling with end‑to‑end encryption and compliance with UK financial regulations.