Vestwell, a financial technology company powering America’s modern savings economy, announced it has raised $385 million in Series E funding, doubling its valuation since its 2023 Series D and bringing total capital raised to $660 million.
The round was led by Blue Owl Capital and Sixth Street Growth, with participation from new and existing investors including Neuberger Berman, SLW, Morgan Stanley, Franklin Templeton, TIAA Ventures, and HarbourVest. JPMorgan served as placement agent and structuring agent for the financing.
The company has surpassed $200 million in annual recurring revenue and continues to grow profitably. Vestwell now supports more than 2 million active savers and administers over $50 billion in assets nationwide, positioning itself as a core infrastructure layer across payroll providers, employers, financial institutions, advisors, and government agencies.
The new capital will be used to expand Vestwell’s distribution across channels where income is earned and benefits are delivered, while accelerating development of AI-native, data-driven capabilities. The company is embedding savings more deeply into payroll systems, benefits platforms, financial institutions, and government-led public programs to reach workers and families where saving occurs.
Vestwell is also broadening access to more sophisticated, professionally managed investment solutions. These capabilities move beyond traditional age-based defaults to incorporate a wider range of personalized factors tied to long-term retirement income goals, enabling a more tailored and holistic investment approach through the company’s technology platform.
The company’s platform spans retirement plans, workplace emergency savings, college savings programs, student debt solutions, and ABLE accounts that protect benefits for people with disabilities. It also recently added nearly 30,000 plans through its Accrue 401k acquisition and now supports more than 40 government programs. Multilingual experiences are available across more than 20 languages, supported by AI-powered assistance delivering real-time, personalized guidance.
Vestwell said its growth comes amid a widening savings gap in the U.S., where millions of Americans remain financially vulnerable and underprepared for emergencies, education costs, and retirement.
The Series E reflects continued investor confidence in Vestwell’s role as connective infrastructure across both private and public sector savings programs, as demand increases for integrated, end-to-end solutions that combine scale, automation, and personalization.
KEY QUOTES
“We’re focused on an ambitious goal to close the $50 trillion savings gap in America. This capital allows us to move faster on the work that matters most. It reflects strong confidence from leading investors in our unified savings platform and our ability to scale across payroll, partners, and products. We’re deepening the intelligence behind the platform and expanding access beyond retirement so more people can save in ways that best fit their lives.”
Aaron Schumm, Founder and CEO of Vestwell
“Vestwell has built a resilient platform with strong underlying economics and a clear path for continued expansion. The company’s ability to scale profitably while broadening both its product offering and distribution reflects the durability of its model and the strength of its execution. Vestwell is building long-term infrastructure for the savings ecosystem, enabled for today’s age of AI.”
Tim DeGrange, Principal at Blue Owl Capital
“Vestwell’s platform has reached an important inflection point, combining innovation and scale with the flexibility to support a broad and evolving set of savings use cases. As demand for integrated savings solutions accelerates across employers, advisors, and partners, we believe Vestwell is well-positioned to build on its momentum and expand its impact over time.”
Alex Goodman, Principal at Sixth Street Growth
“The Vestwell team has built a leading savings platform that is extending its reach across major payroll providers with the Accrue 401k acquisition. Aaron Schumm, Dave Sheen and the leadership team at Vestwell have a long track record of building value with successful acquisitions. They are well positioned to be the backbone for the modern savings economy and we look forward to extending our partnership.”
Michael Noryko, Managing Director at SLW
