Vestwell Raises $70M for Workplace Savings
Vestwell, the engine powering leading workplace savings and investing programs, today announced it raised $70 million in Series C financing. Wells Fargo Strategic Capital and Fin Venture Capital co-led the round, along with a host of other financial services and fintech leaders including Goldman Sachs, Morgan Stanley, Manulife, Point72, Nationwide Ventures, Allianz Life Ventures, Northwestern Mutual, FinTech Collective, Greenspring Associates, Primary Venture Partners, Teamworthy Ventures, F-Prime Capital, Industry Ventures, and Commerce Ventures.
“Vestwell was built for the financial services industry, and we’re backed by the financial services industry and the fintechs that work with them,” says Aaron Schumm, Founder and CEO of Vestwell. “From day one, our mission has been to create efficiency and accessibility in an industry hungry for change, and the fact that our peers are instilling their confidence in us to help define their future is both humbling and thrilling.”
Vestwell provides the underlying infrastructure for workplace savings and investing programs, such as 401(k) and 403(b) retirement plans. The firm’s API-based technology is designed to support a diverse ecosystem of financial services and fintech companies from registered investment advisors and payroll providers, to banks, broker-dealers, credit unions, insurers, asset managers, and more.
This latest round of financing will be used to further expand the team, platform functionality, and servicing for Vestwell’s thousands of partners and clients. The focus will remain on leveraging the core infrastructure of its recordkeeping technology to expand into other workplace savings program areas such as 529s, HSAs, emergency savings, and IRAs.
Announcement: Vestwell Raises $70M for Workplace Savings