Capitalize, a U.S.-based transfer retirement assets platform, announced on Tuesday it raised $2 million through its latest seed investment round, which was led by early-stage venture fund Bling Capital, with additional investors include Greycroft, RRE Ventures, and Walkabout Ventures.
The company states that its platform helps people digitally locate their old 401k and transfer it seamlessly into a new account at any financial institution, without the paperwork, phone calls, and faxes of the past. The platform also instantly locates former 401k accounts, matches users to individual retirement accounts at leading financial institutions, and initiates rollovers on their behalf.
“We believe all Americans should retire with enough money for a life of dignity. Over time, we intend to eliminate all of the friction in the retirement savings system that stops them from doing so.”
While sharing more details about the platform, Gaurav Sharma, Co-Founder and CEO of Capitalize, stated:
“As fintech companies have digitized across various industries, we noticed a gap in the retirement savings market to improve how legacy accounts are transferred and managed. With Capitalize, we’re empowering Americans to consolidate their 401k assets and make the most of their money as they move throughout their careers.”
Ben Ling at Bling Capital, further added:
“We believe in Capitalize’s mission to make it easier for individuals to save for retirement. Gaurav and the team have identified a significant opportunity in the market and created a platform that simplifies this complex process. We’re excited to partner with Capitalize to realize their vision.”