Gretel, an award-winning fintech which enables financial organisations to quickly and easily reconnect their customers with lost insurance products, bank accounts, pensions, savings and other investments, announced today it has raised $1 million in pre-seed funding led by Insurtech Gateway and RLC Ventures, along with a number of other strategic angel investors.
Gretel builds bespoke technology which enables companies to automate customer reconnection, comply with regulatory challenges and transform a process that can take up to three months into taking three minutes. Gretel is currently engaged with a number of leading banks and insurers across the financial services industry ahead of its imminent launch to the market.
The Gretel dashboard is being launched at a crucial time for many people in the UK who face increasing costs and a squeeze on household spending. There are nearly 20 million customer accounts with a combined value of over £50bn that have been lost or forgotten by their rightful owners, in the UK alone. 1 People get married, move home, move jobs and it is increasingly difficult to keep track of every bank account, pension and investment. Gretel will work with financial companies to do the right thing for their customers and reconnect them with their money.
Gretel is the only hub covering the entire financial services industry and will be free for all consumers. Uniquely, once a customer has signed up with Gretel, the service will keep working for them to constantly look for lost monies and flag any new accounts as and when they are identified.
The recent enactment of the Dormant Assets Bill highlights the need for innovative thinking and a more technology led approach to this systemic industry problem, as it places paramount importance on customer reunification. Through centralisation and simplification Gretel provides unparalleled customer accessibility, while at the same time delivering equal, if not greater, benefit to firms.
Duncan Stevens, CEO, Gretel, commented: “We know the financial services industry wants to do all it can to help customers reconnect with their money and this next round of funding will enable Gretel to scale rapidly post launch to meet client demand. It will also allow us to bring forward a number of exciting and complementary product developments aimed at further addressing the lack of digitisation in this space.
“We look forward to being able to help millions of people reconnect with their lost money and make a difference to their lives at this time.”
Stephen Brittain, Co-Founder, Insurtech Gateway said “Welcome to the Gateway Gretel. We look forward to helping you reconnect customers with their lost life insurance and pensions. We recognised this as a huge problem facing many customers - I can't find mine!
“We were very impressed at how you have engaged and enabled large corporations to more effectively do the right thing. Gretel has built an AI enabled platform based on open finance, bespoke API’s and a deep understanding of asset reunification. We are excited to work together to execute their first mover advantage.”