Penny - About the company
Penny is an acquired company based in San Francisco (United States), founded in 2015 by Alex Quach and Mitchell Lee. It operates as a Personal finance app offering automated savings and investment guidance. Penny has raised $1.32M in funding. The company has 661 active competitors, including 92 funded and 39 that have exited. Its top competitors include companies like Money Forward, Plum and Cleo.
Company Details
Personal finance app offering automated savings and investment guidance. This innovative platform empowers users to effortlessly manage their finances. It provides tools to track income and spending, offering insights into financial habits. The app facilitates automated savings by intelligently setting aside spare change. It also helps users begin investing, even with small amounts. By setting personalized rules, individuals can optimize their savings strategies. The platform further enhances financial awareness by monitoring spending and income patterns. It is a comprehensive solution designed to promote financial literacy and responsible money management. This Software as a Service (SaaS) platform is a valuable resource for anyone seeking to improve their financial well-being.
- Website
- pennyapp.io
- Social
Key Metrics
Founded Year
2015
Location
San Francisco, United States
Stage
Acquired
Total Funding
$1.32M in 2 rounds
Latest Funding Round
Investors
Ranked
78th among 661 active competitors
Employee Count
11 - 50 as on Jul 01, 2024
Exit Details
Acquired by Credit Karma (Mar 15, 2018)
Penny's acquisition details
Penny got acquired by Credit Karma on Mar 15, 2018.
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Penny's funding and investors
Penny has raised a total funding of $1.32M over 2 rounds. Its first funding round was on May 23, 2016. Its latest funding round was a Seed round on 2017 for $*****. 1 investor participated in its latest round. Penny has 2 institutional investors.
Here is the list of recent funding rounds of Penny:
Date of Funding | Funding Amount | Round Name | Post-Money Valuation | Revenue Multiple | Lead Investors | Other Investors |
|---|---|---|---|---|---|---|
2017 | 1417 | Seed | 4779 | 6156 | 1401 | 3529 |
May 23, 2016 | 8565757 | Seed | 4437350 | 7414004 | 6847087 |
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Penny's founders and board of directors
Founder? Claim ProfileThe founders of Penny are Alex Quach and Mitchell Lee.
Here are the details of Penny's key team members:
- Alex Quach: Co-Founder of Penny. Contact Info: 1 email address
- Mitchell Lee: Co-Founder of Penny.
View details of Penny's Founder profiles and Board Members
Penny's employee count trend
Penny has 11 - 50 employees as of Jul 24. Here is Penny's employee count trend over the years:
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Penny's Competitors and alternates
Top competitors of Penny include Money Forward, Plum and Cleo. Here is the list of Top 10 competitors of Penny, ranked by Tracxn score:
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Rank | Company Details | Short Description | Total Funding | Investors | Tracxn Score |
|---|---|---|---|---|---|
1st |  Money Forward 2012, Minato City (Japan), Public | Personal Finance Management with Multiple Account aggregation | $42.9M | 85/100 | |
2nd | Plum 2016, London (United Kingdom), Series B | AI-based automated spend management platform for individuals | $75.8M | 79/100 | |
3rd |  Cleo Wilmington (United States), Series C | AI-powered personal finance app that helps users track spending, build savings habits, and improve money management | $175M | 77/100 | |
4th | Mint 2006, Mountain View (United States), Acquired | Provider of online personal finance management tools | $78.5M | 77/100 | |
5th | Provider of an online lending platform offering point of sale financing | $206M | 75/100 | ||
6th | Expensify 2008, San Francisco (United States), Public | Provider of expense management software, corporate cards, and travel booking | $27.8M | 74/100 | |
7th |  Monarch 2018, Covina (United States), Series B | Online platform for expense management for couples, advisors, and employers | $94.8M | 73/100 | |
8th | App-based platform for personal financial management and personal loans | $54.8M | 71/100 | ||
9th | An end-to-end corporate payment solution for companies | $204M | 70/100 | ||
10th |  Emma 2017, London (United Kingdom), Seed | App-based platform offering money management tools for individuals | $7.64M | 69/100 | |
78th | Penny 2015, San Francisco (United States), Acquired | Personal finance app offering automated savings and investment guidance | $1.32M | 41/100 |
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Penny's Investments and acquisitions
Penny has made no investments or acquisitions yet.
Reports related to Penny
Here is the latest report on Penny's sector:
News related to Penny
•
Tan Swee Yiow to succeed Penny Goh as Keppel Reit Management chairmanThe Business Times•Apr 08, 2022•Keppel REIT, Penny
•
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Kasisto’s new bots want to be the Ask Me Anything of personal financeVentureBeat•Jun 29, 2016•Kasisto Tech, Abe AI, Penny, Finn
•
Penny raises $1.2M in seed funding for its personal finance bot – TechCrunchTechCrunch+•May 23, 2016•Penny, Social Capital
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