- Pension fintech secures £1.8 million funding to empower workers to know exactly when they can retire
- Jarvis provides a Lifetime Pension with retirement guidance for the growing global workforce
London, UK, 25 July 2024 – Jarvis, a pension fintech that empowers employees to plan for their ideal retirement actively, has raised £1.8 million in seed funding in a round co-led by Ascension VC and Cornerstone VC, with participation from Tokio Marine Future Fund. The investment will support growth and product development as it integrates with the broader ecosystem of pension-related services.
With the global workforce shifting towards greater financial autonomy, driven by the rise of self-employment and the gig economy — more than 50% of the global workforce is projected to be self-employed by 2028. Traditional workplace benefits like pensions are becoming less accessible, making the need for comprehensive retirement planning tools more important than ever.
Jarvis offers a comprehensive retirement planning solution through two main components – the Jarvis Pension and an app. The Jarvis Pension includes both personal and workplace “jars,” allowing users to manage their pensions and contributions in one place. The app provides real-time insights into retirement goals and simplifies pension management, including setting retirement budgets, planning joint retirements, consolidating old pensions, and adjusting investment risk profiles. It also integrates broader financial data such as cost of living, tax rates, and inflation.
For employers, Jarvis provides a financial wellness solution, including an auto-enrolment workplace pension designed for the modern workforce. By integrating with payroll systems through its API, Jarvis enables seamless reconciliation of payroll data, simplifying financial management for both employers and employees.
Royden Greaves, CEO and Founder of Jarvis said: “Over my 15 years in the wealth management space, I’ve seen the stark contrast between those who can afford continuous financial advice and the majority who cannot. This inspired me to create a solution accessible to everyone, regardless of their financial status. Jarvis is designed to provide clarity and empower individuals to enjoy their lives now while planning effectively for the future. Traditional advice often centres on saving for a rainy day, but we understand that people want to live fulfilling lives today. Our platform helps users balance current enjoyment with future security. This investment will support our continued growth as we integrate with the broader ecosystem.”
Emma Steele, Partner at Ascension VC said: “Jarvis is filling a crucial gap in the market by offering vital retirement planning tools tailored for today’s workforce. We are thrilled to support Royden and the team as they continue to innovate and expand their offerings to cater to the needs of modern employees. We believe Jarvis has the potential to revolutionise the pensions industry and set a new standard for retirement planning.”
Rodney Appiah, Managing Partner at Cornerstone VC said: “We are proud to back Royden in his mission to transform retirement planning for the hybrid worker. As we all live longer, the need for dynamic and personalised tech in the pensions industry has never been clearer. Jarvis recognises that need and has developed an intuitive platform that gives employers the tools to simplify pension management and users the information to not only save for retirement, but shape it. We look forward to helping the team build the future of pensions with Jarvis.
ENDS
About Jarvis
Jarvis is an auto-enrolment workplace pension provider transforming how people think about pensions and retirement in the UK. It empowers users to actively shape their retirement, not just save for it. By delivering clear, actionable insights into each user’s unique retirement journey, Jarvis helps users finally answer the question “When can I retire and live my desired lifestyle?”
About Ascension VC
Ascension VC is a leading early-stage VC with £100m+ AUM. Its latest £50m Ascension Fund III, backing tech innovations that enhance the lives of lower-income communities by investing in high growth sectors relevant to them (Fintech, Energy, Health).
About Cornerstone VC
Cornerstone VC is a venture capital fund focused on a “people first” investment strategy, investing at pre seed and seed stage into category defining UK technology businesses led by diverse founding teams. We primarily focus on B2B software, marketplaces and platform based start ups seeking to transform how we live, work and play. For more information about our innovative approach to early stage investing, please visit our website on www.cornerstonevc.co
About Tokio Marine Future Fund
Tokio Marine Future Fund (TMFF) is a venture capital investment fund managed and operated by WiL, LLC on behalf of Tokio Marine & Nichido Fire Insurance Co., Ltd. as the sole LP. The fund primarily focuses on pre-seed to Series A investments. Tokio Marine is one of the world’s largest insurance groups, covering a broad range of Property and Casualty and Life insurance operating companies. TMFF partners with its portfolio investments to accelerate their growth by leveraging Tokio Marine’s global reach and financial strength.
