Micruity Raises $20M from Long List of Investors to Rethink Retirement Income

Last year, we reported on several Canadian companies making the The Fintech 100, an annual list of “high-momentum companies shaping the future of financial services” selected from a pool of 9,000 candidates.

Among them was Toronto’s Micruity, which launched in 2018 to create financial infrastructure for retirement income products.

This month, the Canadian fintech secured $20 million to innovate retirement system in North America.

The oversubscribed round of capital hails from  a long list of new and existing investors: Rebalance Capital, Nationwide Ventures, J.P. Morgan Asset Management, the Reinsurance Group of America, The Guardian Life Insurance Company of America, Collab Capital, State Street Investment Management, TIAA Ventures, Allianz Life Insurance Company of North America, Prudential Financial, Western & Southern Financial Group, Pacific Life, and SixThirty Ventures.

The round builds on successful fundraising in 2022, bringing the firm’s total raised capital to $27M.

As people live longer and pensions dwindle, traditional approaches like Social Security face long-term strain. Micruity was founded on a mission to make retirement income accessible to every worker by powering the data infrastructure behind it.

“The decline of defined benefit pension plans has left a retirement savings gap that will grow to $137 Trillion by 2050,” cofounder and chief executive officer Trevor Gary has said. “401(k) plans were designed as retirement savings plans, but today most Americans rely on these plans as their sole source of retirement income, leaving them vulnerable to market corrections outside their control.”

The influx of capital “allows us to accelerate integrations across record keepers, asset managers, and insurers, expand support for new lifetime income solutions, and scale the infrastructure that will ultimately power retirement paychecks for millions” of workers in North America, according to a statement from the Ontario company.

Micruity was founded by Gary alongside chief of technology Chris Livadas.