Fintech Raises $5.1 Million to Expand Annuity Platform for 401(k)s
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, 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. “By automating data collection and transfer, Micruity simplifies administration and minimizes the technical resources required to operate decumulation products,” said Drew Carrington, head of Franklin Templeton’s institutional defined-contribution business.
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