Saving for retirement is a flawed process and Americans age 51-61 reportedly only have a median balance of 21K in their retirement accounts. Retirable is the digital platform that builds a free retirement roadmap to help people retire in comfort. Since launching in October 2019, Retirable has helped 65,000+ pre-retirees and created 8,000 financial plans during its beta. While basic assessments are free, Retirable offers a premium service at $99 a year that helps people increase their monthly retirement income, working directly with Certified Financial Planners.

AlleyWatch caught up with CEO and Cofounder Tyler End to learn more about Retirable’s service and recent funding round, which will allow it to expand its product and offerings, hire more CFPs, and invest in partnerships.

Who were your investors and how much did you raise?

$4.7M Seed round led by Vestigo Ventures with additional participation from Diagram Ventures, Primetime Partners, and Portag3 Ventures.

Tell us about the product or service that Retirable offers.

Free, accessible financial plans and CFP advice for pre-retirees.

What inspired the start of Retirable?

After years of working as an income specialist at financial planning firm Northwestern Mutual, I saw the huge advice gap for mass-market consumers who aren’t the target for professional financial advice due to their income. After seeing firsthand how hard it can be for the average American to navigate the transition to the retirement life phase, I knew that I wanted to help these people access achievable goals so they can have the most successful retirement possible.

How is Retirable different?

While other financial advisors are incentivized to push or sell products to make money, Retirable does not reward our employees based on the assets or net worth of our clients. Additionally, basic financial assessments are FREE, with $99 per year plans available for ongoing CFP advice on financial improvement and guidance through the process.

What market does Retirable target and how big is it?

Retirable targets all pre-retirees, regardless of income or net worth. Schwab’s 2019 Modern Wealth survey found that 72% of people in America are without a set financial plan.

What’s your business model?

Retirable makes money through our premium membership sales as well as through our hand-picked partnerships.

How has COVID-19 impacted your business?

COVID-19 has pushed millions of Americans into early retirement, exacerbating their lack of resources and preparation, and we are launching Retirable at an essential time to help.

What was the funding process like?

Pretty painless! We couldn’t be more excited to work with Mark Casady at Vestigo. As a financial services industry veteran, he was quick to pick up on our mission and the potential impact we can have with millions of Americans. From there, we focused on partners that could accelerate our growth such as Diagram and Primetime.

What are the biggest challenges that you faced while raising capital?

The lack of retirement accessibility is a big problem to tackle, and there are lots of ways to approach it, so finding investors aligned with our plan and mission was a challenge. Additionally, in the time of COVID-19 when there are no in-person meetings, it is tougher to build personal relationships with partners you will be working with for years. However, we’re super grateful to say that we were able to achieve both and can’t wait to see what the future holds.

What factors about your business led your investors to write the check?

Our team’s experience building fintech companies, our expertise in this space, and the passion that we are bringing to help millions of people. We started the company with a mission and made sure our investors shared those values.

What are the milestones you plan to achieve in the next six months?

Expanding our advice offering and building new products to help create better outcomes and peace of mind in retirement. Running out of money and health care costs are the two biggest concerns of our clients, and we plan on helping people reduce those risks.

What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?

Show your grit! It just takes one conversation with the right person to jump-start that next fundraising round, marketing campaign, or feature.

Show your grit! It just takes one conversation with the right person to jump-start that next fundraising round, marketing campaign, or feature.

It is difficult for everyone to lose stability in this environment, but resilient companies will make it through.

Where do you see the company going now over the near term?

Expanding our reach to wherever people are looking for help and growing our team to meet the increasing planning needs of our customers.

What’s your favorite outdoor dining restaurant in NYC

I love to sneak over to Greenpoint for borscht at Pierozek!