Posted In:

Wealth Management

Goldman Sachs Leads $30m Series B in Vestwell

Published:

Apr 02, 2019

Author:

Posted In:

Wealth Management

Published:

Apr 02, 2019

Author:

Share:

Congratulations to FTC II CEO Aaron Schumm and the entire Vestwell team on raising a $30m Series B financing led by Goldman Sachs PSI group, Point72 Ventures, and asset managers Allianz, BNY Mellon, Franklin Templeton, and Nationwide.

With over $7.7t in defined contribution accounts and over 700,000 small business in the US without retirement plans today, the digital retirement market represents a significant opportunity.

Complex regulation and fiduciary requirements around retirement plans result in offerings being, for the most part and understandably, an “advised” service, with over 80% of plans under $25m and over 90% of plans over $25-50m being implemented by employers with the help of a financial advisor.

Vestwell provides the all-in-one digital offering which modernizes and simplifies the channel-driven 401(k) and 403(b) markets.

We are in the early innings of a major shift in helping more Americans save and retire.

AirBNB became the largest hotel company in the world without owning a square foot of real estate. Uber is the largest personal transport firm without owning vehicles. Aaron Schumm might have a way to become the biggest force in 401(k) sales without having to pay a sales commission. There are more than 300,000 brokers and advisors out there, and relatively few of them sell or advise 401(k) plans.

Brooke Southall, RIA Biz

Media Coverage:

Aaron Schumm is in the catbird seat after the biggest cat in the Wall Street jungle, Goldman Sachs, validates Vestwell by taking a big bite of a new $30 million funding round, RIABiz (link)
Goldman backs retirement technology platform Vestwell, Reuters (link)
Led by Goldman Sachs, Vestwell raises $30m, Wealth Management (link)

Share:

Previous Article:
FTC Theme | DeFi Is a Continuum

Next Article:
Embroker Raises $28m Series-B from Tola Capital

The views expressed here are those of the individual FinTech Collective LLC (together with its affiliates “FTC”) personnel quoted and are not the views of FTC or its affiliates. Certain information contained in here has been obtained from third-party sources, including from portfolio companies of funds managed by FTC. While taken from sources believed to be reliable, FTC has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation. In addition, this content may include third-party advertisements; FTC has not reviewed such advertisements and does not endorse any advertising content contained therein.

Any designations found herein have been made by a third party, and although FTC has no reason to believe that such designations, or the criteria for being considered for such designations, are inaccurate or misleading, FTC does not guarantee its accuracy, and such designations may be incomplete or condensed. No compensation was paid in exchange for any designations, endorsements, or testimonials found herein. The hyperlinks referred to herein are provided for your reference only.

This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. This content does not constitute an offering or form part of any offering or any solicitation of any offer to subscribe to or purchase any investment by FTC, nor shall it or the fact of its distribution form the basis of, or be relied upon in connection with any contract therefore. Any such offer will be made only by means of definitive investment offering documents. The information included herein is subject to change without notice to any recipient. Any investments or portfolio companies mentioned, referred to, or described are not representative of all investments in vehicles managed by FTC, and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results. A list of investments made by funds managed by FTC (excluding investments for which the issuer has not provided permission for FTC to disclose publicly as well as unannounced investments in publicly traded digital assets) is available at https://www.fintech.io/portfolio and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see https://www.fintech.io/disclosures for additional important information.