Vestwell announced it raised $70 million in Series C financing. Wells Fargo Strategic Capital and Fin Venture Capital co-led the round. Others participating in the round include 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.
Founded in 2016, Vestwell provides the underlying infrastructure for workplace savings and investing programs, such as 401(k) & 403(b) retirement plans. The firm’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.
“Vestwell was built for the financial services industry, and we’re backed by the financial services industry and the fintechs that work with them. From day one, our mission has been to create efficiency and accessibility in an industry hungry for change, and the fact that our peers are instilling their confidence in us to help define their future is both humbling and thrilling.” – Aaron Schumm, Founder and CEO of Vestwell.