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Vestwell Raises $125 Million in Series D


Private equity and venture capital for fintech and retire-tech remains available for those that can land it.

As evidence, Vestwell, the record-keeper-as-a-service, and employer and individual savings platform provider, announced Thursday its Series D round, which brought in $125 million.

The round was led by Lightspeed Venture Partners, as well as existing investors Fin Capital, Primary Venture Partners and FinTech Collective, which also added capital. Blue Owl and HarbourVest also participated in the round.

Justin Overdorff of Lightspeed joined Vestwell’s board of directors as part of the round.

This latest funding follows a July announcement of a strategic partnership with Silver Lake Waterman; the firm is known for providing flexible expansion capital to later-stage growth companies.

Vestwell raised $70 million in a Series C round in July 2021.

The firm said the latest money will be used to expand Vestwell’s focus on state-savings program initiatives, and continue development on technology and programs for its partners and the employers and end savers that use its platform.

Vestwell has launched or partnered to create multiple state auto-IRA programs since 2021, most recently including New Jersey and Maine (Colorado’s existing auto-IRA functionality is to be used as the framework for the Maine program).

It also administers more than 30 programs across numerous states, including auto-IRAs and 529 College Savings plans.

In May, Vestwell announced it had been selected by JPMorgan Chase & Co. to power the Everyday 401(k) small business workplace savings platform. At that time Vestwell also announced it had expanded its distribution partnerships with advisory firms Commonwealth Financial Network and Cambridge Investment Research.

Originally founded in 2016, Vestwell is led by CEO Aaron Schumm (one of WealthManagement.com’s “10 To Watch” in 2017).



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