Retirement income fintech Timelineapp secures a $2.3 million funding
Retirement income fintech Timelineapp has bagged funding of $2.3 million that it will utilize for global expansion. The major contributors to the funding were Anthony Murrow (CEO of Open Money) and Alan Smith (CEO of Capital Asset Management). FNZ also contributed to the funding making it a non-controlling minority investor.
Timelineapp has its presence in Australia, UK, US and Canada and plans to leverage the money raised to scale the delivery of its app to “multiple jurisdictions”. Though the company didn’t disclose the total number of users it has, a company spokesperson told that about 20% of the app users are in the United States.
More on the funding received by Timelineapp
CEO and founder Abraham Okusanya said the cash raised will be used to fuel up the API technology behind Timelineapp’s calculation engine. The company calls it ‘RITA Engine’ or Retirement Income Tracker and Analyser.
Previously, the retirement income fintech has heavily invested in large-scale deployment of tech-driven decumulation. Since its inception in 2018, the company has integrated into other financial planning solutions including Morningstar, Redtail, 7IM, IRESS, Intelliflo Nucleus and Black Diamond Wealth Platform.
About Timelineapp – a retirement income fintech
Founded by Abraham Okusanya. Timelineapp is a next-generation retirement income management software used by financial institutions and advisors. The app enables financial professionals to create and manage withdrawal strategies for their clients. With users in 7 countries, it is the vision of Timelineapp to help 10 million boomers enter retirement with confidence.
Michael Kitces, a shareholder in Timelineapp and member of its advisory board, said retirement planning techniques and tools for the financial advisory sector have fallen flat. He adds there’s not much been done to show retirees their real preparedness to face retirement, especially in uncertain times of market volatility. He believes that with Timelineapp, all of it is about to change.
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