A $70 million Series C fundraising round was completed by Vestwell 70m series, a NYC-based API technology platform for workplace savings and investing programmes.
Along with participation from Goldman Sachs, Morgan Stanley, Manulife, Point72, Nationwide Ventures, Allianz Life Ventures, Northwestern Mutual, FinTech Collective, Greenspring Associates, Primary Venture Partners, Teamworthy Ventures, F-Prime Capital, Industry Ventures, and Commerce Ventures, Wells Fargo Strategic Capital and Fin Venture Capital co-led the round.
The firm plans to utilise the money to service its tens of thousands of partners and customers as well as further grow the staff and platform capability.
Vestwell offers a cloud-based digital recordkeeping platform for workplace savings and investing programmes, like 401(k) and 403(b) retirement plans, under the direction of Aaron Schumm, the company’s founder and CEO. The firm’s API-based technology is made to work with a wide range of financial services and fintech businesses, including registered investment advisors, payroll providers, banks, broker-dealers, credit unions, insurers, asset managers, and more. Through these collaborations, Vestwell expands access to and affordability of high-quality workplace savings programmes, particularly in the underserved small business sector.
As a small plan provider, Vestwell works with well-known companies like Morgan Stanley and Voya to power thousands of plans while integrating and collaborating with payroll service providers like Toast, QuickBooks Payroll, Gusto, Rippling, and Paylocity.
