Paperwork secures seed funding to improve financial wellbeing of American families
By Edlyn Cardoza
The veteran team behind Paperwork, the financial wellness solution that transforms the way people organise and manage their financial lives, recently announced that it has closed $2.5 million in seed funding in a raise led by Kickstart Fund with participation from Launchpad Capital, AARP, StartUp Mavericks, and a host of influential angel investors.
The company’s proprietary financial wellness platform automatically organises and analyses financial accounts and important documents, such as wills, insurance policies and other financial information that clients upload using Paperwork’s mobile app. The app then provides personalised insights and suggestions that help them make smarter money choices, plan for the future, and protect the financial wellbeing of their families. The funds will be used to scale the company’s continued development of its comprehensive financial wellness platform while also growing distribution opportunities and partnerships with financial service providers.
The timing is ideal to take advantage of consumers’ intensified awareness and interest in financial wellness, says Kevin Cimring, Founder & CEO of Paperwork. “The pandemic has dramatically heightened consumer focus on financial wellbeing and resilience, from the importance of having sufficient emergency savings to adequate insurance coverage and proper retirement and estate planning,” he said. “The flipside is that financial literacy in the U.S. is at an all-time low. Paperwork bridges that gap with actionable insights that help families improve all the critical areas of their financial lives.”
Alex Soffe, a partner at Kickstart Fund who led the investment, was impressed with the team’s experience as well as the breadth of their vision. “We backed Paperwork because we believe in the team, its mission and the opportunities for growth. The founders are fintech veterans with previous exits, and their platform is attractive not only for consumers, but also for enterprise partners looking to improve engagement with their clients and offer added value. The opportunities for Paperwork are significant.”
“The peace of mind Paperwork offers clients is invaluable”, said Ryan Gilbert, founding partner at Launchpad Capital who reinvested after leading the company’s pre-seed. “Paperwork essentially provides a blueprint for financial stability and wellbeing in an easy-to-use mobile app. A no-brainer for every busy family.”
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