Black-owned Hive Wealth, a mobile app company, has announced it has closed a $3.4 million seed round, including institutional investor Black Tech Nation Ventures.

The company also announced the launch of a new app that provides financial planning services and tools that use AI to better connect with customers. It features benchmarking and analytics, a retirement calculator, peer-to-peer learning modules, and short educational videos for professionals in startups, entrepreneurs, or independent contractors.

“We are reimagining the static financial planning experience with three C’s: A dynamic community of financial peers, context with relevant benchmarking and analytics, and content with bite-sized educational videos,” Hive Wealth founder and CEO Yvette Sadler Butler said in a statement.

According to the research report Financial Literacy and Planning: Implications for Retirement Wellbeing, created by Annamarie Lusardi and Olivia S. Mitchell, the net worth of people with a financial plan is almost three times that of those without a plan.

As a result, Butler said she wants to improve financial literacy and make planning a more sexy topic for next-gen savers.

“Our SaaS-based financial planning software and wealth-building and protection marketplace will help next-gen savers close the gender, generational, and racial wealth gap,” she said.