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US FinTech Vestwell raises $125m in Series D funding round

By Delisha Fernandes

December 29, 2023

  • Financial Institutions
  • Financial Sector
  • Fintech news

vestwell_Vestwell, a New York-based FinTech and individual savings platform, has raised its Series D round, totaling $125 million.

This strategic funding round was led by Lightspeed Venture Partners, with participation from existing investors Fin Capital, Primary Venture Partners, and FinTech Collective, as well as new investors Blue Owl and HarbourVest.

Aaron Schumm, CEO and founder of Vestwell, said, “We’re exhilarated to announce our Series D round – our growth has been truly exceptional, and we’re honored to be working with an array of such esteemed investors and partners. We’re also excited to have Justin and Logan on our board as we partner to bring savings to a new level. With such great people and teams around us, the future continues to look very bright for Vestwell.

Vestwell will use the funding to continue its rapid expansion and fulfill its mission to bring savings solutions to more businesses and individuals across the country. In particular, the move will support small and emerging businesses that have benefited from regulatory tailwinds (such as the SECURE 2.0 Act) and are now increasingly seeking workplace savings programs that allow them to escape the high fees and heavy administrative burden of legacy providers in order to offer employees solutions that are fit for purpose.

The capital will also be used to expand Vestwell’s focus on state-savings program initiatives while developing other savings program initiatives for the partners, employers, and savers utilizing Vestwell. Further, it will build on the firm’s proven track record in catalyzing the growth initiatives of the leading financial institutions that white label Vestwell’s product, empowering them to remain competitive, better serve their customers, and contribute to closing the American savings gap on a large scale.

Logan Allin, Founder and Managing Partner at Fin Capital, said, “Vestwell stands out as a pivotal player in the US financial sector thanks to its innovative approach to simplifying savings. It addresses a crucial need, showing immense potential in a market ripe for disruption. The unique blend of user-friendly technology with a breadth of robust financial tools gives it a significant edge. As they continue to scale, we know that they will redefine the savings and retirement landscape for Americans.”

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