pinBox raises seed round from Venture Catalysts, BFSI News, ET BFSI

pinBox, a global PensionTech committed exclusively to digital micro-pension and social security inclusion, has raised $1 million funding in a round led by Venture Catalysts, India’s largest integrated incubator.

pinBox was founded in 2016 by Parul Seth Khanna and Gautam Bhardwaj. It uses technology, process innovation and a simple, intuitive user interface to address friction and access challenges in delivering micro-pension and insurance solutions to underserved informal sector workers.

Gautam Bhardwaj, co-founder of pinBox said, “In the last year or so, we have seen how vulnerable self-employed women and informal workers without savings and insurance are to risks, and how unprepared most are to withstand even short-term income shocks. Without comprehensive social protection, we are staring at an old age poverty crisis that will soon impact everyone in the world. By 2050, this problem will become too large and irreversible — somewhat like climate change. We must urgently encourage and enable young, economically active citizens to start saving for a 25-year retirement. There is no other option.”

It has worked with governments, regulators, financial inclusion stakeholders and DFIs like World Bank, UNCDF and UKAID across Asia and Africa on expanding digital micro-pension and social protection coverage to self-employed women and informal sector workers including gig-workers.

pinBox provides its ready-to-deploy pensionTech platform to governments and regulators seeking to expand pension and insurance coverage to non-salaried workers.

Dr. Apoorva Sharma, co-founder and president of Venture Catalysts, “We strongly echo the urgent need for simple and easy access to micro-pensions and social protection by millions of informal sector workers. Parul and Gautam clearly have unique expertise, experience and passion that is needed to succeed at scale. We’re delighted to provide pinBox the capital it needs to multiply the impact of its mission.”