Retirement income planning software developer Timelineapp Tech Limited landed £1.8 million (approximately $2.3 million) in its latest funding round, according to an announcement. The round saw FNZ become a non-controlling minority investor in the firm, alongside other participants, including Alan Smith, CEO of Capital Asset Management, Anthony Morrow, CEO of Open Money.
The fresh capital will be used to bolster Timelineapp’s enterprise capabilities and improve its integrations. The firm already has program-level tie-ups with SS&C Advent, Morningstar, Redtail, Intelliflo Nucleus, 7IM and IRESS, according to the company's statement.
“The new capital will enhance Timelineapp’s enterprise capabilities to scale delivery of its digital retirement income planning experience for advisors, providers and their clients,” said Abraham Okusanya, founder and CEO of the firm. “This investment is an incredible endorsement of our vision to help transform decumulation planning around the world.”
“For so long, retirement planning tools have done little more than illustrating the need to save more for retirement,” added Michael Kitces, a shareholder in the firm and member of its advisory board. “Little was done to show prospective retirees their actual preparedness to decumulate in retirement, especially given the uncertainties of market volatility. Timelineapp is a much-needed solution to fill the void."
The firm’s global ambitions mesh well with FNZ’s own ambitions. Earlier this month, the U.K.-headquartered tech firm revealed it had bought a majority stake in State Street’s Wealth Manager Services.
FNZ is building its own “App Store,” according to Adrian Durham, founder and CEO of FNZ. It plans to offer Timelineapp, alongside other start-ups and third-party wealth management service providers, he said. “We look forward to supporting Timelineapp as it continues to add value for clients worldwide.”