The funding will help Vestwell enhance and expand its platform’s functionality. Here are the top-line bullets you need to know.
Vestwell, a retirement services platform, has raised $70M in a Series C. The round drew participation from Morgan Stanley, Manulife Capital, Industry Ventures, and Goldman Sachs, among others.
HOW’S THE COMPANY PERFORMING?
- New York-based Vestwell provides the infrastructure to support workplace retirement programs. It allows advisers to communicate with their customers and provides automated retirement investing options that are compliant with rules and regulations.
- Vestwell, originally a plan provider, currently powers hundreds of plans for major companies like Morgan Stanley BNY Mellon, Allianz SE, Namely, and Voya. It also integrates and partners with payroll providers like Toast, QuickBooks Payroll, Gusto, Rippling, and Paylocity.
WHY DOES THE MARKET MATTER?
- The fintech market is projected to grow at a CAGR of 23.41% to reach a value of $324B by 2026, according to Market Data Forecast.
- Q2’21 marked another banner quarter across deals, funding, exits, and mega-rounds for global fintech.