US-based workplace savings and investment platform Vestwell has raised $385 million in Series E funding.
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The round was led by Blue Owl Capital and Sixth Street Growth, with participation from new and existing investors, including Neuberger Berman, SLW, Morgan Stanley, Franklin Templeton, TIAA Ventures, and HarbourVest.
The financing doubles Vestwell’s valuation since its 2023 Series D and brings total capital raised to $660 million. With two million active savers, Vestwell administers $50 billion in assets, and has surpassed $200 million in annual recurring revenue.
Vestwell provides a comprehensive suite of workplace savings products, embedded with financial advisers, employers, payroll providers, financial institutions, and government agencies and catering for retirement plans, student loan repayment benefits, and specialized accounts for education, emergencies, and disability savings.
The company is looking to AI to drive its next phase of growth as it expands access to more sophisticated, professionally managed investment plans typically reserved for larger institutions.
Aaron Schumm, founder and CEO of Vestwell, says: “This capital allows us to move faster on the work that matters most. It reflects strong confidence from leading investors in our unified savings platform and our ability to scale across payroll, partners, and products. We’re deepening the intelligence behind the platform and expanding access beyond retirement so more people can save in ways that best fit their lives.”
