Financial wellness platform Northstar scores $24.4m


Northstar, a financial wellness benefit platform, has secured $24.4m in a funding round led by GGV Capital.

Also taking part in the round were PayPal Ventures, Thomson Reuters Ventures, M13, Workday Ventures, Canvas Ventures, Parade Ventures, RRE, Designer Fund and Foundation Capital.

Northstar works with leading firms to provide one-on-one financial advisors and personal finance tools as an employee benefit.

The firm’s financial wellness program helps employees make the most of their total compensation and helps businesses support their teams at scale through onboarding, equity events, open enrolment and more.

The company claims its average enrolment rate is 50% and that employee members report an 83% average improvement in financial stress after meeting with their personal Northstar advisor.

North Star said the new funding will be used to expand operations from 18 countries to more than 30 by the end of next year.

Northstar CEO Will Peng said, “By working with employers, we are able to solve a problem for both the employee and the employer, as work is the decision point for so many financial and life choices. Northstar is bringing different types of advice under one roof: financial, benefits, equity, salary.”

Astra, a provider of instant card-to-card funding-as-a-service, recently raised $10m in a Series A funding round led by FPV Ventures.

Also participating in the round were Slow Ventures and Allegis Capital, as well as a $30m line of credit through CoVenture.

Through a lightweight API integration, Astra offers a platform that allows developers to add faster settlement and financial automation to their existing products.

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