Vestwell Raises $385 Million in Series E, Lifting Total Funding to $660 Million
Updated
Updated · Duke Chronicle · Aug 25
Vestwell Raises $385 Million in Series E, Lifting Total Funding to $660 Million
1 articles · Updated · Duke Chronicle · Aug 25
Summary
$385 million in new Series E funding lifted Vestwell’s total capital raised to $660 million, marking a major expansion step for the workplace-savings fintech.
10 years after starting with a 401(k) focus, Vestwell now supports 401(k)s, 403(b)s, IRAs, 457s, ABLE accounts, 529 plans, emergency savings and student debt repayment.
52% participation in savings programs, up from 40% over Vestwell’s decade in the market, underscores growth but also the engagement gap CEO Aaron Schumm says still needs work.
An AI-enabled allocation tool is next, as Vestwell aims to become core infrastructure for workplace savings and help users decide which accounts to fund most efficiently.