Vestwell has a simple mission: to ensure that every American can retire with a brighter, more secure future. How? By addressing a long overlooked corner of the economy: 401(k) retirement accounts. We are a small team of seven moving towards shipping software as fast as possible and iterating as we learn. Our founders have built and sold familiar companies before and are focused on addressing this opportunity as quickly and specifically as possible.
There are more than 6 trillion dollars invested in 401(k) accounts, but there is a lot more to Vestwell than building a big business — we’re helping fix an industry with a big problem. For too long, big banks were charging excessive fees on retirement accounts, which meant that employees, dutifully setting aside money for retirement, were losing a huge amount of their savings to the banks themselves. The US Department of Labor is fixing all of this with new legislation. This means the industry is about to go through the biggest disruption since 401(k)s were created. Vestwell is riding the wave of change, creating a new platform that lowers fees and ensures that individuals retire richer. We’ve raised some money from great investors in the Fintech and Finserv world to achieve this goal and are already getting a great response from customers.