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.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
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