Marvin OnumonuPenny Technology Limited, a direct-to-consumer pension app, has now reunited over £500m in lost pensions for savers in the UK.
The firm’s technology uses data algorithms and a user-friendly app to help people find and combine old pensions.
According to recent estimates, £31bn is still sitting in lost pension pots across the country.
Penny only has seven people on its team and said this lean set-up shows how focused investment and technology can tackle a long-standing issue without large teams or heavy infrastructure.
Additionally, Penny has attracted support from Gradient Ventures, Google’s AI-focused venture fund, and Tom Blomfield, founder of Monzo, which has helped the firm scale its operations and improve its technology.
David Henderson, head of pensions at Penny, said: “Too many people risk missing out on thousands simply because they’ve lost track of their pensions when changing jobs.
“Our technology empowers individuals to find and consolidate their pensions easily — helping them feel in control of their financial future.”
