PensionTech pinBox raises seed fund to provide micro-pension to needy
pinBox, a global PensionTech that works to provide digital micro-retirement and social security inclusion, has raised $ 1 million in funding from Venture Catalysts (Vcats), an integrated incubator, as well as the 9Unicorns Accelerator Fund.
Founded in 2016 by industry veterans Parul Seth Khanna and Gautam Bhardwaj, pinBox uses technology, process innovation and a simple and intuitive user interface to solve friction and access issues in delivering solutions from micro-pension and insurance for underserved informal sector workers.
pinBox has partnered with WhatsApp to make savings as quick, easy, and straightforward as sending a text message.
Speaking of the need for micro-pension products, Gautam Bhardwaj, co-founder of pinBox said self-employed women and informal workers without savings or insurance were more vulnerable to risk. It was therefore necessary to create products adapted to this population group.
“Without comprehensive social protection, we are witnessing a crisis of elderly poverty that will soon affect everyone in the world. By 2050, this problem will become too important and irreversible. We urgently need to encourage and enable economically active young citizens to start saving for a 25-year retirement, ”said Bharadwaj.
pinBox has worked extensively with several governments, regulators, financial inclusion stakeholders and DFIs like the World Bank, UNCDF and UKAID in Asia and Africa to extend digital micro-pension and social protection coverage to self-employed women and informal sector workers, including concerts. -workers.
The startup has built the world’s first white-label, fully API-compliant micro-pensionTech platform that integrates the digital ID, finance and payments ecosystem to “activate” an inclusive social security market. It also provides a ready-to-deploy pensionTech platform for governments and regulators seeking to extend pension and insurance coverage to the self-employed.
pinBox has in the past helped the government of Rwanda launch Africa’s first fully digital micro-pension and insurance scheme, which has nearly 1.5 million subscribers. It deployed its pensionTech platform in Kenya to provide an integrated pension and insurance solution to approximately 17 million self-employed workers. In India, pinBox is working with HDFC Pension, SBI AMC and leading insurers to help provide NPS and personalized savings and insurance solutions to 400 million workers in India’s informal sector without social security benefits.