Vestwell is a holistic platform for accumulating and managing wealth, reshaping workplace savings and investment programs through a technology-based approach.

What happened: As part of a vision to better serve the small business market, Vestwell has raised a $ 70 million Series C led by Wells Fargo Strategic Capital and Fin Venture Capital.

Goldman Sachs, Morgan Stanley, Manulife, Point72, Nationwide Ventures, Allianz Life Ventures, Northwestern Mutual, FinTech Collective, Greenspring Associates, Primary Venture Partners, Teamworthy Ventures, F-Prime Capital, Industry Ventures and Commerce Ventures participated.

The funds will be used to expand the Vestwell team, platform functionality and service.

Why is this important: Aaron Schumm, founder of Vestwell, set out to reduce barriers to saving and investing in the workplace. Simply put, traditional platforms are expensive and restrictive.

In 2020, the company grew 200% and now powers most trusted names in finance like Toast, QuickBooks, Franklin Templeton, and BNY Mellon.

“Vestwell was built for the financial services industry, and we are backed by the financial services industry and the fintechs that work with them,” says Schumm. “From day one, our mission has been to create efficiency and accessibility in an industry hungry for change, and the fact that our peers inspire us with their confidence to help define their future is both humbling and exciting.

© 2021 Benzinga does not provide investment advice. All rights reserved.

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