Northstar, a Los Angeles, CA-based fintech company that enables employers to offer financial wellness as an employee benefit, raised $10.7m in financing, including a new $7.3m Series A funding.
The latest round was led by M13 with participation from Foundation Capital and Workday Ventures as well as Parade Ventures, Ludlow Ventures, Designer Fund, Combine, RRE Ventures, Swell Partners, PeopleTech Partners, and founders and C-level executives from NerdWallet, Plaid, Adobe, Amazon, BrandSafway, SunRun, Yelp, Product Hunt, and Thumbtack. In conjunction with the funding, Matt Hoffman, M13’s Partner and Head of Talent and DigitalOcean’s former VP People, joined the Northstar board.
Founded by Will Peng and Matt Matteson, Northstar provides employees with a platform which can be accesses as an employer-provided benefit to achieve financial wellness across three pillars of service:
- Paired 1-on-1 financial advice from a dedicated Northstar CERTIFIED FINANCIAL PLANNER™ (CFP®), who designs a custom financial plan and proactively optimizes money for each employee.
- Automation to take action on advice, to help employees save, pay off debt, invest, and understand taxes.
- Centralized recommendations on how to best leverage compensation and benefits – such as equity, health plans, HSA/FSA, perks – through personalized advice, open enrollment tools, total rewards statements, and visual offer letters.
The investment follows adoption from such employers as Zoom, ServiceTitan, and Thumbtack.