Pensions platform Guiide considers institutional funding
Scottish fintech company Guiide has raised £100,000 from existing private investors to develop its retirement planning platform and is working towards an institutional funding round.
The past year has seen Guiide grow from offering an online free consumer site to providing bespoke versions of its platform to master trusts, employers and financial advisers. These licences have provided Guiide with its first significant revenue.
Primarily the new funding will be used to develop Guiide+, an extension to its free online pension modelling tools.
Previous funding was used to develop Guiide DB. A separate solution available only via defined benefit schemes. Early adopting schemes with around 10,000 members are now using the Guiide DB service.
Founder of Guiide Kevin Hollister, an experienced pensions actuary, stated: “Following this successful round we are looking to the future and are actively working towards a proposal for an institutional raise later in the year to further scale our offerings for current and prospective users.
“Our continued goal is to simplify the word “pensions”, for as many savers as possible, helping them understand how to get the best retirement outcome and protecting them against bad outcomes at no cost to them and the recent funding round will support Guiide to achieve this goal”.