Vestwell, a NYC-based API technology platform for workplace savings and investing programs, raised $70m in Series C financing.
Wells Fargo Strategic Capital and Fin Venture Capital co-led the round, 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.
The company intends to use the funds to further expand the team, platform functionality, and servicing for its thousands of partners and clients.
Led by Aaron Schumm, Founder and CEO, Vestwell provides a cloud-based digital recordkeeping platform for workplace savings and investing programs, such as 401(k) and 403(b) retirement plans. The company’s API-based technology is designed to support a diverse ecosystem of financial services and fintech companies from registered investment advisors and payroll providers, to banks, broker-dealers, credit unions, insurers, asset managers, and more. Through these partnerships, Vestwell makes quality workplace savings programs accessible and affordable, particularly in the underserved small business market.
Vestwell works as a small plan provider to help power thousands of plans for household names including Morgan Stanley and Voya, while integrating and partnering with payroll providers such as Toast, QuickBooks Payroll, Gusto, Rippling, and Paylocity.