Personal finance app NextCapital has scored $30m in its growth funding round.
FP Credit, which is the credit investment division of Francisco Partners, led the investment. Additional support came from Oak HC/FT and IA Capital Group.
NextCapital has the aim of helping everyone successfully retire. Its platform supplies users with a host of financial planning, advice and managed account tools to help people better understand their finances.
With the fresh equity funds, the company is looking to increase the rollout of its platform and expand its offering.
Francisco Partners partner Peter Christodoulo said, “NextCapital is at the forefront of the digital transformation sweeping the $8 trillion defined contribution market.
“Especially in the current economic climate, there is an urgent need to give Americans institutional-grade advice both in the accumulation phase for younger workplace savers and during the decumulation phase for older investors.”
The WealthTech sector, which NextCapital comes under, has seen $29.5bn deployed across 1,797 transactions since 2015, FinTech Global’s data shows. Investment levels hit record heights last year, with $8.2bn invested through 379 deals.
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