SAN MATEO, Calif.--(BUSINESS WIRE)--Micruity, Inc. (“Micruity” or “the Company”) announced today that it closed $5.0M in funding to expand support for accumulation annuities and non-guaranteed income products on the Micruity platform.
The round includes new funding from strategic investors Prudential, State Street Global Advisors, and TIAA Ventures, as well as additional investments from current partners Pacific Life and Western & Southern Financial Group. In total Micruity has raised over $11M from strategic partners in the retirement industry.
“The new funding enables Micruity to rapidly build out infrastructure not just for retirees in the drawdown phase of their retirement journey but also provide critical support for younger Americans still saving for retirement,” said Trevor Gary, Founder and CEO of Micruity.
“Successive financial crises have eroded the retirement savings of many Americans who now face the prospect of outliving their savings. By building the infrastructure necessary to enhance the user experience of both guaranteed and non-guaranteed income products, Micruity, along with our partners, can help close this gap and deliver a safe and secure retirement,” added Gary.
A recent US Retirement Survey found that non-retired Americans aged 27 to 42 face an average shortfall of $403,626 in their retirement savings. For Americans aged 43 to 58, that gap grows to $451,170.
The Micruity platform securely connects Recordkeepers, Life Insurers, and Asset Managers through a single connection, significantly reducing the administrative burden of managing multiple products across several plans while delivering targeted savings and income solutions.
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“A single access point means Prudential can quickly and easily work with multiple partners to deliver protected growth and protected income solutions — all with a seamless user experience to help expand access to retirement security,” said Ann Nanda, Head of Future Growth Initiatives and Distribution Enablement at Prudential Retirement Strategies.
“Micruity’s infrastructure provides us with the necessary data to deliver decumulation products that support sustainable drawdown strategies for retirees, enabling their hard-earned savings to last through their retirement,” said Brendan Curran, US Head of Defined Contribution at State Street Global Advisors. “The scalable infrastructure enables us to quickly build out targeted solutions for our plan sponsor clients.”
“Micruity has built an innovative infrastructure solution that powers institutional lifetime income products. We’re excited about the opportunity to work with Trevor and his team to drive secure retirement outcomes for more Americans,” said Wayne Baker, Chief Investment Officer at TIAA Ventures.
“Our continued collaboration with Micruity underscores the significance of delivering innovative and efficient tools that support Americans in making decisions around their retirement plans. This integrated platform offers a clear and compelling user experience at a crucial stage in a participant’s retirement journey and closely aligns with Pacific Life’s ongoing desire to provide confidence for generations,” said Karen Neeley, Vice President of Pacific Life’s Institutional Retirement Solutions Group.
“Annuities are a critical element when it comes to retirement security and success, and that only increased with their recent accessibility through defined contribution plans,” said Jim Vance, President of W&S Ventures at Western & Southern Financial Group. “Supporting Micruity in their mission to build a connective infrastructure will enable firms like ours to deliver needed retirement solutions that its customers can easily access.”
About Micruity
Micruity is a financial technology infrastructure company building the data rails for the pension plan of the future. The Micruity Advanced Routing System (MARS™) facilitates frictionless data sharing between Life Insurers, Asset Managers, and Recordkeepers through a single point of service that significantly lowers the administrative burden for plan sponsors and enables them to turn retirement savings plans into retirement income plans at scale.
To learn more about how Micruity is transforming retirement income visit www.micruity.com.
