Pinbox gets seed capital from ADB Ventures to expand micro pension coverage

ADB Ventures, a platform of Asian Development Bank, has provided seed funding to Pinbox for expanding micro pension coverage in India.

Pinbox works to address friction and accessibility challenges in delivering micro pension and insurance solutions to underserved informal sector workers, ADB Ventures said in a statement.

It provides a ready-to-deploy micro pension technology platform globally to governments and regulators who are seeking to expand pension and insurance coverage to non-salaried workers.

"It is uniquely positioned to disrupt the micro pension space with its easy-to-use plug and play digital platform. Leveraging its knowledge of financial security pain-points for informal sector workers, especially women, the team has designed an accessible, convenient, and scalable solution," ADB Ventures Investment Specialist Jugnu Pati said.

In 2020, Pinbox joined hands with WhatsApp to integrate its platform with the popular app to make saving for old age as easy and simple as sending a message. The Pinbox-WhatsApp platform is already live in India and Kenya, it said.