Vestwell secures $30m through Series B round

Digital retirement platform Vestwell has raised $30m in its Series B funding round.

Goldman Sachs Principal Strategic Investments led the funding round, and was joined by Point72 Ventures, Nationwide, Allianz Life Ventures, BNY Mellon, and Franklin Templeton. Various backers of Vestwell’s Seed and Series A round also participated including, F-Prime Capital, FinTech Collective, Primary Venture Partners, and Commerce Ventures.

With the new funds, the company will look to bolster the funding for its technology and client services.

Vestwell is a digital retirement platform which has been designed for the financial advisor, helping them scale plan sponsor and participant relationships. Its technology streamlines administration, fiduciary oversight and eases 401(k) and 403(b) processes.

The solution supports the entire retirement plan lifecycle, from proposals and onboarding, to administration and compliance.

Over the past 12 months, the company has increased its client base tenfold, and formed strategic partnerships with BNY Mellon, Allianz, Namely, Dimensional Fund Advisors, OnPay and Riskalyze – a number of other partnerships are to be announced soon.

Vestwell founder and CEO Aaron Schumm said, “I feel Vestwell’s momentum on a daily basis, so it’s incredibly humbling to have so many of the industry’s leading players see the value in what we’re building and share our vision of what lies ahead.

“We’re elated to align ourselves with retirement industry experts who are not only investing capital into Vestwell, but who are also investing time and resources into ensuring our success.”

The company previously raised $8m in its Series A round which was led by F-Prime Capital, and received contributions from Primary Venture Partners, FinTech Collective and Commerce Ventures.

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