New York, 01 June 2022, 9am CET: Matchly, the US fintech platform that enables employees to access their 401(k) employer match, today announces it has raised funds of $1.7m to launch its platform, accelerate customer acquisition and make a number of key hires across its team. The oversubscribed round was led by Bling Capital, with participation from Operator Partners, Amara VC, and notable angel investors, including founders and executives from Brex, Gusto, and Shopify, among others.The investment demonstrates the real need to account for the billions of dollars in 401(k) employer match that go unclaimed every year.
Matchly was founded in 2021 by Ravi Kurani, a former investor in fintech companies, and Ben Avner, an experienced software engineer. It addresses a common problem in the US workforce, in which employees fail to access and maximize their 401(k) employer match, often driven by the inability to make necessary contributions to obtain the match, a lack of awareness, or both.
The Matchly platform empowers both the workforce and employers, offering an entirely new, enhanced user experience when accessing the 401(k) employer match, as well as financing to ensure that employees are able to access their full match. Employers using the platform have a competitive edge in attracting and retaining the best talent, and can now compete with larger companies in the hiring space by offering a simple way for employees to access and maximize their benefits.
Ravi Kurani, CEO and co-founder of Matchly, notes that “While the financial industry has seen plenty of innovation over the last decade, personal finance remains a big challenge. 1 in 3 Americans have no money saved for retirement, and every year billions of dollars are left on the table because employees don’t contribute to their plans and, consequently, don’t receive 401(k) employer matches. We created Matchly as a financial health company and, ultimately, we want to see more people achieve financial freedom.”
“Despite a plethora of new financial products, building a secure financial future remains one of the biggest unsolved problems for millions of Americans. Matchly is addressing this challenge by solving a massive inefficiency that has been hiding in plain sight. By democratizing access to the 401(k) match, they can provide tremendous value for their customers. We are excited to be backing Ravi and Ben on their journey.” adds Ben Ling, Founding Partner at Bling Capital.
About Matchly
Matchly allows employees to access their 401(k) employer match without having to reduce their monthly paycheck, while also aiming to maximize the effect of every benefit dollar spent by employers. Interested employees can sign up for Matchly’s waitlist at www.matchly.us.
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A 401(k) is a retirement savings plan offered by employers that allows employees to save a portion of their paycheck before taxes are taken out. It often includes employer matching contributions.
An employer match is a contribution made by an employer to an employee's retirement savings plan, typically matching a percentage of the employee's contributions, which helps employees save more for retirement.
Venture capital is a type of private equity financing that is provided by venture capital firms to startups and small businesses with perceived long-term growth potential in exchange for equity.
Financial technology, or fintech, refers to the integration of technology into offerings by financial services companies to improve their use of financial services and enhance customer experience.
Customer acquisition is the process of bringing new customers to a business, often through marketing strategies and sales tactics aimed at converting prospects into paying customers.
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