ForUsAll, an investment and administration management company, has picked up $21m in funding led by Ribbit Capital.
The round also received commitments from ForUsAll existing backer Foundation Capital. The new funding comes after ForUsAll moves past the $500m mark of retirement assets under management.
US-based ForUsAll is a 401 (k) advisor for SMBs, and helps to manage $500m retirement assets. The company uses investment expertise and HR technology to help companies make responsible investments, educate employees, stay compliant and manage fiduciary responsibilities.
The investment solution helps companies to avoid unnecessary fees, lower risk on returns and ongoing fiduciary reviews. ForUsAll technology platform offers a cloud-based payroll solution that automates various elements of the process including onboarding, 401 (k) eligibility tracking and enrolment.
Equity from the round will go towards growing the customer base, hiring staff and increasing technology development.
ForUsAll co-founder and CEO Shin Inoue said, “Our team will use this new capital to continue to accelerate our asset growth. Our 1st $100m took 18 months to accumulate, and our most recent $100m was added in two months.”
The capital injection brings the company total funding efforts up to $34m, with the company last investment being a $9.5m Series A in 2016.
Earlier this year, Ribbit Capital took part in the $75m funding round in to robo-advisor Wealthfront. The company, which offers support for financial planning, investment management, and banking services, raised these funds to support the development of features.
Last year, the North American FinTech sector was dominated by the US market, with the country seeing 96 per cent of all funding. In 2016, the US was responsible for 95 per cent of the region funding. The rise is due to both the US seeing more capital deployed in 2017 and Canada and Mexico seeing less.
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