Banking

Vestwell lands $70m Sequence C spherical co-led by Wells Fargo

Office financial savings and funding fintech Vestwell has raised $70 million in a Sequence C funding spherical co-led by Wells Fargo Strategic Capital and Fin Enterprise Capital.

The agency claims to have skilled 200% progress over 2020

The spherical additionally included funding from a bunch of economic providers heavyweights together with Goldman Sachs, Morgan Stanley, and Allianz Life Ventures amongst others. It takes its complete funding to round $112m over 4 rounds.

Based in 2017, the New York-based agency gives a cloud-based digital recordkeeping platform for office financial savings and investing applications akin to 401(ok) and 403(b) plans.

Vestwell says it goals to make office financial savings applications “extra accessible and reasonably priced” with a selected concentrate on the small enterprise market.

It claims to have skilled 200% progress over 2020, hanging offers with Morgan Stanley and Voya whereas integrating and partnering with payroll suppliers akin to QuickBooks Payroll and Gusto.

The spherical additionally follows Vestwell’s personalised managed account partnership with Franklin Templeton in addition to its enlargement into state IRA financial savings applications alongside BNY Mellon.

Vestwell plans to make use of the funding to develop its crew and additional develop its providers and platform performance.

The agency says its focus will stay on leveraging the core infrastructure of its API-based recordkeeping expertise to develop into different office financial savings program areas akin to 529s, HSAs, emergency financial savings, and IRAs.

Gabriel

A news media journalist always on the go, I've been published in major publications including VICE, The Atlantic, and TIME.

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