Penelope

What Penelope does

Penelope, operating under the legal entity Smartwork, Inc. (Delaware), is a New York-based fintech founded in 2021 by Jean Smart, a 20+ year financial services executive with senior roles at Charles Schwab, TD Ameritrade, Citi, and UBS. The company provides a cloud-native, API-first, AI-native recordkeeping platform for the U.S. retirement industry, built from scratch without legacy technology debt. Originally launched as a self-service 401(k) platform for small and micro businesses, Penelope pivoted in 2025 to a B2B2C white-label licensing model in which independent third-party administrators and recordkeepers deploy the platform under their own brand while Penelope provides the underlying technology rail.

The core product, the Penelope Recordkeeping Platform, includes the Nelo AI chatbot for plan rule interpretation, real-time activity monitoring, and exception handling; SECURE 2.0-native compliance features covering emergency savings, auto-enrollment, student loan matching, and long-term part-time employee provisions; modular APIs enabling integrations with payroll, custodians, and health-and-wealth platforms in days rather than months; and white-label configurability at the plan level. Pre-built integrations span major custodians (Charles Schwab, Vanguard, State Street), payroll (Finch), regulatory reporting (Broadridge), plan documents (Wolters Kluwer FT William, ASC), trust accounting (PenChecks), legal counsel (Wagner Law Group), and advisory services (LeafHouse Financial). The platform is SOC 2 Type II certified.

Penelope generates revenue through subscription-based, annually-billed platform licensing to independent recordkeepers, with pricing determined via demo-based negotiations rather than publicly disclosed tiers. The company has raised $2.1 million in pre-seed funding (March 2022, Slauson & Co. led) and remains at 1-10 employees. Customer evidence consists of three unnamed case studies (a National TPA Firm, an Independent Recordkeeper, and a Regional Advisory Firm) reporting outcomes such as processing time cut in half and onboarding completed in under two weeks.

Name

Penelope

Legal name

Smartwork, Inc.

Website

https://penelope.co

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

1–10 employees

Short description

Penelope is a New York-based fintech (Smartwork, Inc.) founded in 2021 that provides a cloud-native, API-first, AI-native SECURE 2.0-ready recordkeeping platform licensed via subscription to independent third-party administrators and recordkeepers across the U.S. retirement industry.

Ownership category

akta.pro rank

Product category

Retirement Recordkeeping Software

NAICS

Software Publishers (5132), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (5182)

SIC

Services-Computer Programming, Data Processing, Etc. (7370), Finance Services (6199)

akta.pro primary industry

Smart Contract Frameworks & SDKs (developer kits, templates, standards) (FSAPABAB)

akta.pro secondary industries

Account Abstraction & Smart Wallet Tooling (AA SDKs, paymasters, session keys) (FSAPABAK), Decentralized Identity & Verifiable Credentials for Finance (DID/KYC Reuse) (FSAGAMAE)

Keywords

• Retirement recordkeeping software
• 401(k) administration platform
• SECURE 2.0 compliance software
• White-label recordkeeping platform
• API-first retirement technology

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Platform Licensing: Penelope licenses its SECURE 2.0-ready recordkeeping platform to independent recordkeepers. Subscription-based recurring revenue model where independent firms pay for access to the modern technology platform while maintaining their independence, brand, and client relationships.
2. White-Label Licensing: Independent recordkeepers white-label the Penelope platform to deliver retirement services under their own brand. The platform handles the technology while partners maintain their service model and margin.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

Penelope licenses a cloud-native, API-first, AI-native SECURE 2.0-ready recordkeeping platform to independent recordkeepers and third-party administrators. The platform automates payroll processing, trade files, loan approvals, and reconciliation through embedded AI, and is delivered under the partner's own brand via white-label configuration. Built from scratch with no legacy tech debt, it replaces costly custom integrations with standard APIs and provides modern participant and sponsor experiences.

Product overview

Penelope is a fintech company offering a unified SaaS-based recordkeeping platform for the retirement industry. The core product is the Penelope Recordkeeping Platform—a cloud-native, API-first, AI-native solution built from scratch without legacy tech debt. The platform includes the Nelo AI chatbot for intelligent operations, white-label capabilities for branding, and is SECURE 2.0-ready from the ground up. The company shifted its go-to-market strategy in 2025 from direct sales to small businesses toward licensing the platform to independent recordkeepers who want to modernize without surrendering their independence.

Differentiator

Problem solved

Functional benefit

Products and services

• Penelope Recordkeeping Platform Cloud-native, API-first, AI-native SECURE 2.0-ready recordkeeping platform licensed to independent recordkeepers and TPAs. Automates payroll processing, trade files, loan approvals, and reconciliation; supports white-label configuration at the plan level; integrates with payroll providers, custodians, and health-and-wealth platforms via modular APIs.

Quantifiable outcome

• 10+ clicks on legacy platforms reduced to 1 click on Penelope
• +4 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability7 records

Feature8 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• VanguardcoreTechnology or IntegrationVanguard is listed as a partner integration on Penelope's website, indicating integration capabilities for investment management and retirement plan administration.
• Charles SchwabcoreTechnology or IntegrationCharles Schwab is listed as a partner integration, enabling custody and trading services for retirement plans on the Penelope platform.
• State StreetcoreTechnology or IntegrationState Street is listed as a partner, providing institutional investment management and retirement plan services integration.
• The Wagner Law GroupcoreImplementation/ SI/ Consulting PartnerThe Wagner Law Group is a partner providing legal and compliance expertise for retirement plan regulations and SECURE 2.0 requirements.
• Wolters KluwercoreImplementation/ SI/ Consulting PartnerWolters Kluwer FT Willam provides plan document and compliance solutions integrated with the Penelope platform.
• BroadridgecoreTechnology or IntegrationBroadridge provides regulatory reporting and communication solutions for retirement plans integrated with Penelope.
• ASCminorImplementation/ SI/ Consulting PartnerASC provides plan document solutions integrated with Penelope for retirement plan administration.
• LeafHouse FinancialminorImplementation/ SI/ Consulting PartnerLeafHouse Financial provides advisory and consulting services for retirement plans using the Penelope platform.

Scale indicators2 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• CAPTRUST: CAPTRUST is one of the largest independent retirement plan advisory and recordkeeping firms in the US, serving mid to large plan sponsors. It is comparable to Penelope's target independent-recordkeeper buyer profile and represents the type of firm Penelope aims to license its platform to.
• Empower Retirement: Empower is one of the largest recordkeepers in the US, serving workplace retirement plans via a full-stack platform. Penelope competes for the same independent-recordkeeper channel, though Empower is a vertically integrated incumbent rather than a white-label-only platform.
• Vestwell: Vestwell is a fintech recordkeeping platform built for advisors and small/mid-market plans, with an API-first, white-label-friendly architecture. It is the closest direct competitor to Penelope in targeting modern, API-first retirement recordkeeping for financial intermediaries.
• Ubiquity Retirement + Savings: Ubiquity provides outsourced retirement recordkeeping and plan administration services for small to mid-sized plans. It is a direct competitor in serving independent advisors and small businesses seeking modern, outsourced recordkeeping.

Emerging players

• Guideline: Guideline is a 401(k) platform focused on small businesses, offering streamlined onboarding and automated plan administration. It overlaps with Penelope's original SMB focus and represents an emerging competitor in tech-enabled small-plan retirement.
• Stash Retirement: Stash offers a small-business retirement product alongside its consumer investing app, targeting very small employers with a digital-first experience. It overlaps with Penelope's original SMB GTM and is an emerging player in tech-enabled small-plan retirement.

Broad incumbents

• American Funds (Capital Group) Recordkeeping Solutions: Capital Group offers retirement plan solutions and recordkeeping services for employer-sponsored plans, competing across plan sizes. It is an incumbent competing for the same mid-market recordkeeping wallet that Penelope targets through independent TPAs.
• Ascensus: Ascensus is a large, established recordkeeping and administrative services provider serving retirement, education, and health savings. It competes with Penelope in the independent-recordkeeper and small-plan segments while also serving larger institutional clients.
• Fidelity Workplace Investing: Fidelity is one of the largest US recordkeepers, offering workplace retirement platforms to employers of all sizes. It represents an incumbent benchmark for legacy platforms Penelope is positioning against, though Fidelity does not white-label for independents.
• Charles Schwab Retirement Plan Services: Schwab provides retirement recordkeeping and custody services to plan sponsors and independent advisors. It is both a partner integration listed on Penelope's website and an incumbent competitor for mid-market plan business.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/penelopeco

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds2 records

Investors8 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Penelope