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Vestwell raises $30M in Series B financing for retirement platform

Vestwell Holdings Inc., a New York-based digital retirement platform, said it raised $30 million in Series B financing, led by Goldman Sachs Principal Strategic Investments in tandem with the Goldman Sachs Consumer and Investment Management Division.

Other investors included Point72 Ventures, Nationwide, Allianz Life Ventures, BNY Mellon and Franklin Templeton. Existing investors F-Prime Capital, FinTech Collective, Primary Venture Partners and Commerce Ventures also participated in the round, according to a press release.

The company, which provides digital retirement platforms for use by financial advisors, plans to use the funding to make significant investments in technology and client services.

The announcement comes less than two months after Vestwell entered an alliance with Onpay, an online payroll service for small and medium-size businesses. In December, the company launched an agreement with BNY Mellon to offer 401K, 403B and state-sponsored IRA plans to BNY Mellon clients.