Oak HC/FT, the premier venture fund investing in early to growth stage tech-enabled financial services and healthcare companies, led the funding round. Existing NextCapital shareholders Manulife Financial, Transamerica Ventures, Vermont Seed Capital Fund and Route 66 Ventures also participated.

NextCapital provides institutions with an integrated and configurable platform to deliver automated personal financial advice -- including holistic portfolio tracking, planning, savings advice, and portfolio management.

"Oak HC/FT shares our conviction that large financial institutions will win the big shift to scalable personal investment advice," said John Patterson, Chief Executive Officer of NextCapital. "This infusion of new capital, coupled with Oak HC/FT's fintech pedigree, will accelerate our ability to bring new digital advice capabilities to market and open up new strategic business channels."

"The $15 trillion U.S. retirement savings market is going through seismic change-- from a regulatory, technology, and consumer perspective," said Patricia Kemp, Co-Founder and General Partner, Oak HC/FT. "Having surveyed the digital advice landscape, NextCapital is uniquely positioned to enable the transformation of the U.S. retirement industry and the way Americans save for retirement."

NextCapital assists institutional partners to rapidly and cost-effectively bring to market a full-stack digital advice solution that is specifically built to support the demanding configuration requirements.

"Retirement and asset management firms are selecting NextCapital as a technology partner because of its ability to provide a truly differentiated digital advice solution," added Alois Pirker, research director of Aite Group. "More specifically, large institutions want to utilize their own proprietary investment methodology, have full control of user experience, integrate to multiple 401(k) record keeping systems, and often, support multiple business channels."

Patricia Kemp has 15 years of experience as a venture capitalist investing in transformative companies and entrepreneurs in financial services and FinTech, will join the NextCapital Board of Directors. Additionally, Oak HC/FT venture partner Dan Petrozzo, will join NextCapital as a Board Observer. Prior to joining Oak HC/FT, Dan was previously Chief Information Officer of Fidelity Investments and Morgan Stanley, as well head of investment management technology for Goldman Sachs.

About NextCapital Group: NextCapital is the leader in enterprise digital advice. NextCapital partners with world class institutions to deliver personalized planning and managed accounts to individual investors across multiple channels including 401(k), IRA, and taxable brokerage accounts. Our open-architecture digital advice solution provides integrated account aggregation, analytics, planning and portfolio management, and allows partners to customize advice methodology and fiduciary roles. NextCapital powers digital advice strategies for leading world-class brands such as John Hancock, Russell Investments, State Street Global Advisors, and Transamerica.

About OAK HC/FT: Oak HC/FT (http://oakhcft.com) is a premier venture fund investing in Healthcare Information & Services ("HC") and Financial Services Technology ("FT"). We are focused on driving transformation in these industries by providing entrepreneurs and companies with strategic counsel, board-level participation, business plan execution and access to our extensive network of industry leaders.