Goldman Sachs Principal Strategic Investments (PSI) led the round, working closely with Goldman Sachs' Consumer and Investment Management Division (CIMD), joined by Point72 Ventures and a host of other strategic retirement-focused financial services providers including the venture capital arm of Nationwide, Allianz Life Ventures, BNY Mellon, and Franklin Templeton. The round also included participation from Series A and Series Seed investors, F-Prime Capital, FinTech Collective, Primary Venture Partners, and Commerce Ventures.

Vestwell is the first digital retirement platform built for the financial advisor, helping scale plan sponsor and participant relationships to a new level. With its innovative technology, streamlined administration, fiduciary oversight, and modern interface, Vestwell has reimagined the 401(k) and 403(b) industry for the better. This new financing will propel Vestwell even further, while resetting the bar for how open-architecture in retirement plans can be provided to companies of any size in an affordable and modern way. This includes significant investments in technology and client service, two areas where Vestwell continues to pioneer.

"We were drawn to Vestwell because it has developed a modern and intuitive interface that empowers advisors to more efficiently manage customized retirement plans," said Timothy J. O'Neill and Eric S. Lane, co-heads of Goldman Sachs' CIMD.

In just these past 12-months, Vestwell's client growth increased tenfold and the company has implemented strategic alliances with BNY Mellon, Allianz, Namely, Dimensional Fund Advisors, OnPay and Riskalyze, among others soon to be announced. Retirement-centric advisory companies and incumbents are quickly turning to Vestwell to be the engine behind their retirement books of business, valuing cutting edge technology such as Vestwell's patent-pending real-time payroll engine and advanced employee eligibility calculator.

"I feel Vestwell's momentum on a daily basis, so it's incredibly humbling to have so many of the industry's leading players see the value in what we're building and share our vision of what lies ahead," says Aaron Schumm, founder and CEO of Vestwell. "We're elated to align ourselves with retirement industry experts who are not only investing capital into Vestwell, but who are also investing time and resources into ensuring our success."

"The market impact we've seen from Vestwell in the two short years since leading the seed investment in them is remarkable," says Brooks Gibbins, Co-Founder and Managing Partner of FinTech Collective. "Participants, employers, and channel partners have all validated Vestwell's approach, and we're thrilled to continue supporting industry change alongside them."

ABOUT VESTWELL HOLDINGS, INC.
Vestwell is a digital platform that makes it easier to offer and administer retirement plans. Vestwell removes traditional friction points through flexible investment strategies, fiduciary oversight, and streamlined administration, all at competitive pricing. By acting as a single point of contact, Vestwell has modernized the retirement offering while keeping the advisor's, employer's, and plan participant's best interests in mind. Learn more at Vestwell.com and on Twitter @Vestwell.