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HomeBankingUS fintech Vestwell secures $125m in Series D funding round

US fintech Vestwell secures $125m in Series D funding round

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  • Funding News:
    • Vestwell, a New York-based fintech, secures $125 million in Series D funding.
    • Led by Lightspeed Venture Partners, the round includes participation from existing and new investors.
  • Company Background:
    • Founded in 2016, Vestwell provides a cloud-based digital platform for workplace savings and investment programs.
    • Specializes in 401(k) and 403(b) plans, serving about 50,000 businesses and over one million savers.
    • Manages approximately $29 billion in assets.
  • Expansion and Milestones:
    • The funding round marks one of the largest Series D SaaS rounds in the US for the year.
    • CEO Aaron Schumm expresses satisfaction with the valuation milestone, though the exact figure is undisclosed.
  • Strategic Plans:
    • The funds will be used to hire talent in sales and engineering teams.
    • Vestwell aims to roll out new products, leveraging the investment for further growth.
  • Recent Acquisition:
    • In August, Vestwell acquired Gradifi Solutions, a student loan benefits provider, for an undisclosed amount.

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