About Penny
Penny is a company based in San Francisco (United States) founded in 2015 was acquired by Credit Karma in March 2018. It operates as a Freemium. Penny has raised $1.32 million across 2 funding rounds from investors including Credit Karma, Social Capital and Y Combinator. Penny offers products and services including Penny App. Penny operates in a competitive market with competitors including Cleo AI, Snoop, Talkbank, Yana and Olivia AI, among others.
- Headquarter San Francisco, United States
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Sectors
Technology
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Phone
*********
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Website
*********
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Social
*********
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Annual Revenue
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Net Profit
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EBITDA
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Total Equity Funding
$1.32 M (USD)
in 2 rounds
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Latest Funding Round
$120 K (USD), Seed
Jun 01, 2017
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Investors
Credit Karma
& 2 more
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Employee Count
Employee Count
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Acquired by
Credit Karma
(Mar 15, 2018)
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Products & Services of Penny
Penny offers a comprehensive portfolio of products and services, including Penny App. The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
An app for tracking income and spending effectively.
Funding Insights of Penny
Penny has successfully raised a total of $1.32M across 2 strategic funding rounds. The most recent funding activity was a Seed round of $120 thousand completed in June 2017. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding Total Funding
- Total Rounds 2
- Last Round Seed — $120,000
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First Round
First Round
(23 May 2016)
- Investors Count 2
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jun, 2017 | Amount | Seed - Penny | Valuation |
investors |
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| May, 2016 | Amount | Seed - Penny | Valuation |
investors |
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in Penny
Penny has secured backing from 3 investors, including venture fund and institutional investors. Prominent investors backing the company include Credit Karma, Social Capital and Y Combinator. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Early-stage startups are accelerated via funding and educational programs.
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Founded Year | Domain | Location | |
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US focused VC firm investing in seed & growth stage companies
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Founded Year | Domain | Location | |
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Credit score checking and comparison platform for financial products
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by Penny
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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Bionic investment advisor platform
|
2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
Financial Statements - Penny
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Penny Comparisons
Competitors of Penny
Penny operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Cleo AI, Snoop, Talkbank, Yana and Olivia AI, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Cloud and AI-based chatbots for personal finance management are offered.
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| domain | founded_year | HQ Location |
Expense management for individuals is enabled via a mobile app.
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| domain | founded_year | HQ Location |
Provider of a virtual chatbot for finance and commerce
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| domain | founded_year | HQ Location |
Concierge services are delivered via WhatsApp for orders and bookings.
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| domain | founded_year | HQ Location |
Personal finances are managed and optimized by AI-driven insights.
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| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Frequently Asked Questions about Penny
When was Penny founded?
Penny was founded in 2015 and raised its 1st funding round 1 year after it was founded.
Where is Penny located?
Penny is headquartered in San Francisco, United States. It is registered at San Francisco, California, United States.
Is Penny a funded company?
Penny is a funded company, having raised a total of $1.32M across 2 funding rounds to date. The company's 1st funding round was a Seed of $1.2M, raised on May 23, 2016.
What does Penny do?
A personal finance application was developed by Penny to assist users in tracking their income and spending. The app was designed to provide friendly and helpful financial advice through interactive chats. Operating in the financial technology sector, it aimed to simplify personal finance management for its users. The app is no longer available as it was acquired by Credit Karma, where its mission continues.
What products or services does Penny offer?
Penny offers Penny App.
Who are Penny's investors?
Penny has 3 investors. Key investors include Credit Karma, Social Capital, and Y Combinator.
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