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New York-based office financial savings and funding fintech Vestwell has secured $125 million in a Collection D funding spherical led by Lightspeed Enterprise Companions.
Vestwell raises $125m in Collection D funding spherical
The spherical additionally noticed participation from present traders Fin Capital, Main Enterprise Companions and FinTech Collective, in addition to new traders Blue Owl and HarbourVest. The funding comes greater than two years after it raised $70 million in a Series C round and takes its complete capital raised to this point to greater than $235 million.
Based in 2016, Vestwell affords a cloud-based digital recordkeeping platform for office financial savings and investing programmes similar to 401(okay) and 403(b) plans. It claims to serve roughly 50,000 companies and a couple of million savers, managing round $29 billion in property.
Commenting on the fundraise, Aaron Schumm, CEO and founding father of Vestwell, tells FinTech Futures: “This is without doubt one of the largest Collection D SaaS rounds within the US this yr, and takes us to a valuation milestone we’re extraordinarily happy with.”
Whereas the corporate has not disclosed the valuation, sources inform Bloomberg that the newest spherical takes Vestwell’s valuation to round $1 billion. With the brand new funding, the fintech agency plans to rent new expertise inside its gross sales and engineering groups and roll out new merchandise.
In August, the corporate acquired Gradifi Solutions, a scholar mortgage advantages supplier, for an undisclosed sum.
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