Timelineapp, a retirement income fintech that models client withdrawal rates for financial advisers, has an eye toward global expansion after securing $2.3 million in funding on Thursday.
The startup has users in the U.K, U.S., Canada and Australia, but intends on leveraging the funding to scale the delivery of its retirement income planning software to “multiple jurisdictions,” Timelineapp CEO and founder Abraham Okusanya said in a statement. While the company did not disclose how many users it has across the globe, about 20% of the app’s users are in the U.S., according to a company spokesperson.
The new cash influx will also be used to enhance the API technology behind the fintech’s calculation engine, which the company calls its "retirement income tracker and analyser" or RITA engine.
Financial planning expert Michael Kitces — a shareholder and member of Timeline's advisory board since 2018 — said retirement planning tools for the advisory industry have fallen flat. “Little was done to show prospective retirees their actual preparedness to decumulate in retirement, especially given the uncertainties of market volatility,” Kitces said in the press release.
In the past, Timelineapp has invested heavily in its integration capabilities for large-scale deployment of tech-driven decumulation, the company noted. Since its founding in 2018, Timeline has integrated into other financial planning solutions including Redtail, Morningstar and SS&C Technology’s Black Diamond Wealth Platform.
The new funding round also brings in platform-as-a-service provider FNZ as a new investor as well as Capital Asset Management's CEO Alan Smith, Open Money's CEO Anthony Morrow, and U.K.-based financial planning coach Andrew Hart, according to the company’s announcement.
Salespeople at the firm often went beyond the matching algorithm to recommend network advisors on its Zoe Wealth platform, according to the regulator.
The Protect College Sports Act would cap school payments and codify NIL rights, with implications for advisors guiding young athletes.
"I know the number that I want to be able to retire on, and now I just want out," says Wilmington Trust's Marguerite Weese, describing a common refrain among business-owner clients.
Bessemer and Brown Brothers Harriman veteran Robert Ludricks III and private markets specialist Olof Akesson join the ultra-high-net-worth push on the East Coast.
765 investors were promised 260% annual returns on truck leases
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
