Vestwell Raises $8M in Series A Funding

vestwellVestwell, a NYC-based fiduciary-backed retirement platform for the financial advisor community, raised $8m in Series A Funding.

The round was led by F-Prime Capital Partners, the venture capital group associated with the parent company of Fidelity Investments, with participation from Primary Venture Partners, FinTech Collective, and Commerce Ventures. In conjunction with the funding, Ben Malka, a partner at F-Prime Capital, joined Vestwell’s Board of Directors.

The company intends to use the funds to grow the team while further enhancing the technology.

Led by Aaron Schumm, Founder and CEO, Vestwell provides a 401(k) and 403(b) retirement platform for advisors to engage with their clients, while scaling their practice, Vestwell’s platform can be leveraged to facilitate every aspect of the advisor, company and employee’s needs. The multi-recordkeeper, multi-custodial technology can also incorporate 3(21), 3(38) and 3(16) investment and administrative services.

So far this year, the company has signed over 50 registered investment advisor (RIAs) firms, as well as independent broker-dealers, asset managers, and bank/trust custodians, with plans to onboard several thousand advisors this year.



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