Facet Wealth secures $28m in its Series B round

Facet Wealth, which aims to reduce barriers in financial services, has scored $25m in its Series B round and launched its new financial wellness product for employers.

Warburg Pincus led the investment, with contributions coming from unnamed existing backers of Facet.

The equity infusion will be used to aid the company’s continued growth, which has seen it more than doubled since the start of the coronavirus pandemic.

Facet Wealth, which launched in 2016, offers a membership-based model that aims to make financial planning accessible to all Americans. A member meets regularly with their advisor to establish a personalised financial plan, utilising technology to track and analyse progress.

The new financial wellness solution enables employers to reduce the financial stress for their employees via a selection of planning and advice services.

Warburg Pincus managing director Jeff Stein said, “Since our first investment two years ago, the Facet Wealth team has proven their ability to meet a unique consumer need, evolving and expanding their offering to build a truly innovative client experience and business model.

“Their expansion into the employer market further solidifies them as a category-defining company that is well-positioned to disrupt the wealth management industry for years to come.”

The FinTech’s Series A round closed on $33m in 2018 from Warburg Pincus and Slow Ventures.

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