Western & Southern Financial Group is bullish on fintechs, and its latest move proves it.
The Cincinnati-based insurance giant was listed among Silicon Valley-based startup Micruity's $5.1 million seed funding round. Western & Southern's individual contribution was undisclosed.
Micruity streamlines access to protected retirement income, such as annuities, through its single-point platform, connecting potential users with asset managers, insurers, and record keepers.
The funding round was led by SixThirty Ventures, with several notable insurers also participating.
Jim Vance, Western & Southern's co-chief investment officer, said in a statement that Micruity will help the firm's clients to "simply manage their financial planning" ahead of retirement.
In January, Western & Southern announced its acquisition of New York-based Fabric, a digital life insurance platform and mobile app. At the time, CEO John Barrett said such deals were only the beginning, with the firm eager to have a larger slice of the digital space.
Western & Southern is one of the primary backers of FinTech Frontier, an effort to turn Cincinnati into a hub for financial technology companies.
