DPL Financial Partners, a leader in the InsurTech sector known for its commission-free annuities platform, has closed a funding raise on $23m.
This investment round saw contributions from Eos Ventures, TIAA Ventures, and other strategic insurance investors, with this being the first time insurers have participated in funding DPL.
The company specializes in connecting Registered Investment Advisors (RIAs) with fee-based annuities, providing a transparent and efficient platform that sidesteps traditional commission models. DPL’s innovative approach has positioned it uniquely within the FinTech landscape, focusing on enhancing the financial health of retirees and investors by reducing unnecessary costs associated with annuity products.
The fresh capital will be utilized to enhance DPL’s technological offerings and expand its product range. The aim is to empower advisors with better tools that align with fiduciary duties and provide investors with superior options for their retirement planning. The investment underscores DPL’s commitment to disrupting the traditional insurance market and its focus on building a future where financial products are accessible and aligned with the needs of consumers.
In addition to the funding news, DPL announced that Galen Shaffer from Eos Ventures will join its board of directors. This strategic move is expected to further strengthen DPL’s governance and drive its innovation strategy forward.
The funding round was notably oversubscribed and facilitated by FT Partners, who served as the exclusive financial advisor for the transaction. Since its inception, DPL has managed to accumulate $3.7bn in assets on its platform and has saved consumers over $68m in product fees through its commission-free model launched in 2018.
“DPL is at the forefront of annuity and insurance distribution innovation, and we’re excited to support their future expansion,” said Galen Shaffer, Principal at Eos Ventures. Wayne Baker, Chief Investment Officer at TIAA Ventures, also commented, “DPL offers a disruptive and innovative platform for lifetime income. We look forward to working alongside David and his team to close retirement gaps and deliver on TIAA’s mission to ensure financially secure retirements for millions more people.”
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