Vestwell Raises $385 Million Series E, Doubles Valuation to $2 Billion
Vestwell, the infrastructure platform powering America's savings economy, has raised $385 million in Series E funding, doubling its valuation to $2 billion. The round brings total capital raised since the company's 2016 founding to $660 million.
The funding was led by Blue Owl Capital and Sixth Street Growth, with participation from Neuberger Berman, SLW, Morgan Stanley, Franklin Templeton, TIAA Ventures, and HarbourVest. JPMorgan served as placement and structuring agent.
Key milestones
The Series E comes as Vestwell surpasses several significant benchmarks:
- More than 2 million active savers on the platform
- Over $50 billion in assets under administration
- $200 million in annual recurring revenue
- More than 40 government programs supported
- Support for over 20 languages
"We're focused on an ambitious goal to close the $50 trillion savings gap in America," said Aaron Schumm, founder and CEO of Vestwell. "This capital allows us to move faster on the work that matters most — embedding savings infrastructure into the platforms and systems millions of Americans already use."
Expansion plans
Vestwell plans to use the capital to expand distribution by embedding savings more deeply into payroll, benefits platforms, financial institutions, and government-led public programs. The company is also investing in AI-driven personalised investment solutions, moving beyond age-based defaults to incorporate broader retirement income factors.
Tim DeGrange, principal at Blue Owl Capital, said: "Vestwell is building long-term infrastructure for the savings ecosystem, enabled for today's age of AI."
About Vestwell
Founded in 2016, Vestwell provides workplace savings solutions including retirement plans, student loan repayment benefits, and specialised accounts for education, emergencies, and disability savings.
