NewRetirement clinches $20m in Series A to transform financial planning

NewRetirement, a financial planning platform for consumers and enterprise partners, has successfully closed its Series A funding round.

According to FinSME, the significant financial injection of $20m was spearheaded by Allegis Capital. Additional backing came from an impressive consortium of investors, including Ulu Ventures, Nationwide Ventures, Fin Capital, Frontier Venture Capital, Cameron Ventures, Marin Sonoma Impact Ventures, Northwestern Mutual Future Ventures, Plug and Play Ventures, and Motley Fool Ventures. This funding round elevates NewRetirement’s total investment to $20.8m.

Founded by Stephen Chen, who holds the position of CEO, NewRetirement stands out as a pioneering financial planning platform. It empowers users to discover, design, and manage personalized pathways towards a secure future. The platform’s adaptability is evident through its capability to be co-branded or white-labelled for various partners. Employer plan sponsors and plan providers can offer NewRetirement’s comprehensive suite of planners, calculators, and educational classes as a self-directed financial wellness benefit to their workforce. Simultaneously, wealth managers, banks, and insurance companies can leverage the company’s APIs, planner, calculators, and advisor tools to create a customised platform. This innovative approach enables these entities to explore new business models, retain assets, and boost revenue by engaging consumers more effectively.

With the fresh influx of $20m, NewRetirement is set to broaden its enterprise offerings significantly. The funds will be allocated towards scaling onboarding and support mechanisms for new partners, enhancing research and development (R&D) efforts to better serve its user base, and integrating large language models (LLMs) and artificial intelligence (AI) to furnish more personalized recommendations. Moreover, this capital will bolster the company’s capacity to accommodate increasing demand.

NewRetirement’s journey of growth is further highlighted by its plan to employ the latest investment for expanding enterprise solutions, accelerating partner support and onboarding, advancing R&D for user benefits, and integrating advanced AI for personalized advice, demonstrating a steadfast commitment to meeting rising demand.

The Series A round brings NewRetirement’s total funding to an impressive $20.8m, marking a significant milestone in its mission to redefine the financial planning landscape.

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