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Vestwell Innovates Workplace Savings, Investing With $70M Series C

Vestwell is a holistic platform for accumulating and managing wealth, reshaping workplace savings and investing programs through a technology-based approach.

What Happened: As part of a vision to better serve the small business market, Vestwell raised a $70 million Series C led by Wells Fargo Strategic Capital and Fin Venture Capital.

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 participated.

Funds will be used to expand Vestwell’s team, platform functionality, and servicing.

Why It Matters: Aaron Schumm, founder at Vestwell, set out to lower the barriers to workplace saving and investing. Simply put, traditional platforms are expensive and restrictive.

In 2020, the company grew 200% and now powers most of the trusted names in finance like Toast, QuickBooks, Franklin Templeton and BNY Mellon.

“Vestwell was built for the financial services industry, and we’re backed by the financial services industry and the fintechs that work with them,” says Schumm. “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.”

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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