Vestwell Raises $125 Million in Series D Funding

Vestwell, a leading retirement-focused fintech company, has announced that it has secured $125 million in new funding through a successful Series D round. The round was led by Lightspeed Venture Partners, a prominent venture capital firm.

Expanding Focus on State-Retirement Savings Programs

With this new funding, Vestwell plans to further expand its focus on state-retirement savings programs and develop additional initiatives for its customers. Since its establishment in 2016, Vestwell has been providing innovative software and technology solutions, including a recordkeeping platform, to retirement and savings plans such as 401(k)s.

A Strong Investor Lineup

In addition to Lightspeed Venture Partners, several existing investors, including Fin Capital, Primary Venture Partners, and FinTech Collective, have also participated in the Series D financing. Moreover, new investors Blue Owl and HarbourVest have joined the investor lineup. As part of this funding round, Justin Overdorff, a lead fintech partner at Lightspeed, will also be joining Vestwell's board of directors.

Impressive Software and Commitment to Helping Americans Save

Lightspeed's Overdorff expressed his admiration for Vestwell's software and its dedication to helping Americans save for retirement. He emphasized their commitment to executing their plans thoughtfully, which ensures stability and growth potential in the workplace savings and investment space.

Strengthening Partnerships and Expanding Clientele

This funding round marks an important milestone in a busy year for Vestwell. The company has expanded its existing partnership with Morgan Stanley and attracted more clients for its business serving state-sponsored IRA programs. Currently, Vestwell proudly provides services to over 30 state savings programs across automatic IRAs, 529 Education Savings, and ABLE programs.

In conclusion, Vestwell's successful Series D funding round signifies strong confidence and support from investors as the company continues to make significant strides in the retirement and savings industry.