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

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.