Personal financial advice platform NextCapital has closed its Series C funding round led by Oak HC/FT.
Other investors to the round included existing shareholders Manulife Financial, Transamerica Ventures, Vermont Seed Capital Fund and Route 66 Ventures.
NextCapital offers an integrated platform for automated financial advice, offering holistic portfolio tracking, planning, savings advice and portfolio management. The platform, which is available to both individuals and institutions, enables users with a single location for all accounts and track how the investments are doing.
The solution can help users plan for retirement, by outlining the goals, and ways to lower the gap from retirement.
With this new branch of funding, NextCapital hopes to accelerate new digital advice capabilities development. Capital will also be used to support new strategic business channels.
Oak HC/FT co-founder and general partner Patricia Kemp said, “The $15 trillion U.S. retirement savings market is going through seismic change– from a regulatory, technology, and consumer perspective. Having surveyed the digital advice landscape, NextCapital is uniquely positioned to enable the transformation of the U.S. retirement industry and the way Americans save for retirement.”
Following the investment, Oak HC/FT co-founder and general partner Patricia Kemp will join NextCapital’s board of directors. Alongside this, Oak HC/FT venture partner Dan Petrozzo will join as a board observer.
Earlier this week, Oak HC/FT led the $11.5m Series A funding round into InsurTech platform CLARA. The platform uses AI-powered solutions to help the worker’s compensation claims industry, by reducing costs and optimising treatment protocols.
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