Vestwell, the US-based infrastructure platform powering the modern savings economy, has raised $385m in a Series E funding round.
The Series E round, led by Blue Owl Capital and Sixth Street Growth, also saw participation from new and existing investors including Neuberger Berman, SLW, Morgan Stanley, Franklin Templeton, TIAA Ventures and HarbourVest. JPMorgan acted as placement agent and structuring agent in connection with the financing.
This latest funding nearly doubles Vestwell’s valuation since its 2023 Series D round and brings total capital raised to $660m. The company has surpassed $200m in annual recurring revenue and continues to grow profitably.
Vestwell is deploying the capital to broaden distribution across all channels where income is earned and benefits are delivered, advance intelligent, AI-driven data experiences, and extend savings pathways beyond traditional retirement plans.
A key priority is embedding savings more deeply into payroll systems, benefits platforms, financial institutions and government-led public programmes to reach workers and families at the point where saving actually occurs.
Beyond expanding access to workplace retirement plans, Vestwell is also enabling more sophisticated, professionally managed investment solutions that have traditionally been reserved for larger institutional plans. By incorporating personalised factors tied to long-term retirement income goals, the platform moves beyond basic age-based defaults to deliver tailored, holistic investment approaches for employers and savers using Vestwell’s award-winning technology.
Ongoing investment in AI-native capabilities aims to personalise guidance, automate administration and surface actionable insights for both savers and their employers, enabling saving to begin earlier and adapt to life’s needs as a connected end-to-end experience.
Vestwell founder and CEO Aaron Schumm said, “We’re focused on an ambitious goal to close the $50 trillion savings gap in America.
“This capital allows us to move faster on the work that matters most. It reflects strong confidence from leading investors in our unified savings platform and our ability to scale across payroll, partners, and products. We’re deepening the intelligence behind the platform and expanding access beyond retirement so more people can save in ways that best fit their lives.”
Vestwell supports more than 2 million active savers and administers over $50bn in assets through employers, financial institutions, advisors, payroll providers and government agencies nationwide.
Its infrastructure lowers barriers to participation and expands access to modern savings pathways across income levels, languages and communities, including workplace emergency savings, programmes that seed early wealth for college savings and student debt solutions.
Blue Owl Capital principal Tim DeGrange said, “Vestwell has built a resilient platform with strong underlying economics and a clear path for continued expansion.
“The company’s ability to scale profitably while broadening both its product offering and distribution reflects the durability of its model and the strength of its execution. Vestwell is building long-term infrastructure for the savings ecosystem, enabled for today’s age of AI.”
Sixth Street Growth principal Alex Goodman said, “Vestwell’s platform has reached an important inflection point, combining innovation and scale with the flexibility to support a broad and evolving set of savings use cases.
“As demand for integrated savings solutions accelerates across employers, advisors, and partners, we believe Vestwell is well-positioned to build on its momentum and expand its impact over time.”
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