NewRetirement: Financial Planning Platform Closes $20 Million In Funding

By Amit Chowdhry • Mar 29, 2024

NewRetirement – a comprehensive and digital-first financial planning platform for consumers and enterprise partners – announced that it has closed its Series A round with $20 million in funding. The funding round was led by Allegis Capital and joined by Ulu Ventures, Nationwide Ventures, Fin Capital, Frontier Venture Capital, Cameron Ventures, Marin Sonoma Impact Ventures, Northwestern Mutual Future Ventures, Plug and Play Ventures, and Motley Fool Ventures. This funding round brought the total to $20.8 million.

NewRetirement utilizes technology, data, and modeling to create powerful digital tools that enable anyone to confidently create and manage their financial plan that goes beyond savings and investments to include human capital, benefits, pensions, Medicare, Social Security, home equity, taxes, decumulation, estate planning and more.

The company’s comprehensive planning and modeling engine considers thousands of scenarios, holistically enabling individuals to plan for accumulation and decumulation with digital guidance. NewRetirement’s direct-to-consumer product currently powers financial planning for 70,000 active users, who manage close to $100 billion in their financial plans.

Employer plan sponsors and providers can offer their employees NewRetirement’s planner, calculators, and educational classes as an easy-to-use financial wellness benefit. Wealth managers, banks, and insurance companies can utilize the company’s APIs, planners, calculators, and advisor tools to develop a white-labeled or co-branded platform, enabling them to leverage new business models, retain assets, and drive revenue with more engaged consumers.

With the Series A funding round, NewRetirement will expand its enterprise offerings, scale onboarding and support for new partners, enhance R&D efforts to help its user base, integrate LLMs and AI to provide more personalized recommendations, and build capacity to meet growing demand.


“Historically, financial planning has been limited to those who have the resources to hire an advisor. This means the majority of Americans do not have a long-term plan in place to help manage paying off student loans, purchasing a house, or planning for other life changes. We’ve seen firsthand that knowledge builds financial confidence, and when people plan strategically, they have better outcomes. Employers are stepping up to help their employees confidently prepare for their future by offering our self-directed, comprehensive platform as a benefit. We’re committed to using this new infusion of capital to help even more users reach their financial wellness goals.”

  • Stephen Chen, Founder and CEO of NewRetirement

“NewRetirement has emerged as a valuable platform for financial services firms and workplace retirement plans, and we’ve been impressed by their rapid adoption among enterprise clients. We are proud to back Stephen and the NewRetirement team as they leverage technology to meet these unmet market needs.”

  • Stuart Doane, General Partner at Allegis Capital