Penelope
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.
- Company typePrivate
- Founded2021
- HeadquartersNew York, United States
- Headcount1–10
- GTM typeB2B
- OfferingSoftware
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.
Penelope firmographics
Firmographics- 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
Penelope industry classification
Industry- 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
Where Penelope is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Penelope business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- 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.
- 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
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Platform licensing for independent recordkeepers |
Go-to-market motion2 records
Distribution channels2 records
Marketing channels4 records
Penelope product offering
Product offeringCore 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
Companies that use Penelope
Customer profileNamed customers3 records
Segments2 records
Ideal customer profiles1 record
Penelope technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration3 records
AI capability7 records
Feature8 records
Penelope partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core and minor.
- VanguardcoreVanguard is listed as a partner integration on Penelope's website, indicating integration capabilities for investment management and retirement plan administration.
- Charles SchwabcoreCharles Schwab is listed as a partner integration, enabling custody and trading services for retirement plans on the Penelope platform.
- State StreetcoreState Street is listed as a partner, providing institutional investment management and retirement plan services integration.
- The Wagner Law GroupcoreThe Wagner Law Group is a partner providing legal and compliance expertise for retirement plan regulations and SECURE 2.0 requirements.
- Wolters KluwercoreWolters Kluwer FT Willam provides plan document and compliance solutions integrated with the Penelope platform.
- BroadridgecoreBroadridge provides regulatory reporting and communication solutions for retirement plans integrated with Penelope.
- ASCminorASC provides plan document solutions integrated with Penelope for retirement plan administration.
- LeafHouse FinancialminorLeafHouse Financial provides advisory and consulting services for retirement plans using the Penelope platform.
Scale indicators2 records
Recent moves6 records
Expansion highlights6 records
Penelope competitors and assessment
Company assessmentDirect 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
Penelope social profiles
Digital presencePenelope compliance and trust
Trust signalCompliance1 record
Penelope financial estimates
Financial estimateRevenue estimate
Valuation estimate
Penelope leadership team
Management profileNumber of profiles
Profiles1 record
Penelope funding detail
Funding detailFunding overview
Funding rounds2 records
Investors8 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Penelope M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Penelope
What does Penelope do?
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.
Is Penelope a public or private company?
Penelope is a private company. It is classified as venture growth investor backed and is currently operating.
When was Penelope founded?
Penelope was founded in 2021. It employs 1 to 10 people.
Where is Penelope based?
Penelope is headquartered in New York, United States, in the North America region.
How does Penelope make money?
Two revenue lines are on record. Platform Licensing is the primary driver. The others are white-Label Licensing.
Who are Penelope's main competitors?
Direct peers on record are CAPTRUST, Empower Retirement, Vestwell and Ubiquity Retirement + Savings. Emerging players are Guideline and Stash Retirement. Broad incumbents are American Funds (Capital Group) Recordkeeping Solutions, Ascensus, Fidelity Workplace Investing and Charles Schwab Retirement Plan Services.
Does Penelope have an API?
Yes. API-first platform enabling integrations with payroll providers, custodians, and health-and-wealth platforms in days. Modular APIs allow clients to replace six-figure custom builds with standard APIs. Contributions, trade files, and reconciliation are ingested, validated, and posted automatically through modular workflows.
What industry is Penelope in?
Penelope's product category is Retirement Recordkeeping Software. Its primary akta.pro industry code is FSAPABAB, Smart Contract Frameworks & SDKs (developer kits, templates, standards), with a secondary code of FSAPABAK, Account Abstraction & Smart Wallet Tooling (AA SDKs, paymasters, session keys). Its NAICS code is 5132 and its SIC code is 7370.