An American Fintech Success Story: Vestwell Raises $125M Series D

It’s a momentous time at Vestwell – we just completed a $125 million equity round, securing our spot among the largest Series D SaaS rounds in the US this year, and I could not be more proud.

This milestone could not be possible without our industry and state partners, our innovative team here at Vestwell, and our investors who share our vision of closing the American savings gap. This preempted round was led by Lightspeed Venture Partners, with additional participation from existing investors Fin Capital, FinTech Collective, and Primary Ventures, and newcomers Blue Owl and HarbourVest.

Seven years ago, we set out to support the American workforce, half of whom do not have access to retirement savings, and transform the antiquated savings industry through innovative technology solutions.

We’re making a tangible difference in people’s lives, working to close the savings gap daily. Our vision and impact are not going unnoticed. Investors have come to us as they see that we’re the company to forge ground for the future – we’re the company enabling 100+-year-old financial institutions to become innovative leaders in today’s savings market.

In fact, Vestwell has continued to scale at an unprecedented rate to address industry demand, even amidst a tumultuous global macroeconomic environment. In 2023 alone, we have released several new products and established partnerships with state governments and leading financial institutions, along with re-platforming our clients to a groundbreaking new architecture built to power the future of savings. This year also included being selected by JPMorgan to expand its 401(k) product, adding to Vestwell’s existing relationships with leading firms such as Morgan Stanley.

We founded the business to focus on workplace retirement programs, as for most Americans, their 401(k) is typically their first - if not only - invested asset. We have expanded rapidly into a leading savings and investment platform powering nearly ten savings vehicles and 80% of the country's state auto-IRA savings programs. We now have nearly $30 billion in assets saved in all 50 states, enabling over 300,000 businesses and more than a million active savers.

Looking to 2024, we will harness this momentum to further scale our business and continue transforming the savings industry. More savings vehicles will be added to the Vestwell platform, allowing us to help more businesses and individuals reach a secure financial future. Everyone should be able to save in the manner that best fits their needs with fully inclusive solutions, meeting employers and individuals where they are.

To everyone in the Vestwell community, thank you!

Aaron Schumm

Founder and CEO, Vestwell