Vestwell Raises $385 Million, Doubles Valuation

Brian Anderson

1 hour ago

Vestwell announced today it has raised $385 million in Series E funding, financing that doubles Vestwell’s valuation since its 2023 Series D and brings total capital raised to $660 million.

The infrastructure platform announced in a press release today it has surpassed $200 million in annual recurring revenue and continues to grow profitably, adding that the financing reflects investor confidence in Vestwell’s role as the infrastructure layer for how Americans save.

“We’re focused on an ambitious goal to close the $50 trillion savings gap in America.”
Vestwell Founder and CEO Aaron Schumm

“We’re focused on an ambitious goal to close the $50 trillion savings gap in America,” said Aaron Schumm, founder and CEO of Vestwell. “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.”

The Series E 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 was placement agent and structuring agent for Vestwell in connection with the financing.

“Vestwell has built a resilient platform with strong underlying economics and a clear path for continued expansion,” said Tim DeGrange, a principal of Blue Owl Capital. “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.”

Capital to expand distribution

With the funding, Vestwell said it will expand its distribution across all channels where income is earned and benefits are delivered, while advancing intelligent, AI data-driven experiences and extending savings pathways beyond retirement. By embedding savings more deeply into payroll, benefits platforms, financial institutions, and government-led public programs, Vestwell said its platform reaches workers and families where saving actually happens.

The company said it will also expand access to more sophisticated, professionally managed investment solutions. These capabilities—historically reserved for larger, institutional plans—move beyond basic, age-based defaults to incorporate a broader set of personalized factors tied to long-term retirement income goals.

Ongoing investment in AI-native capabilities personalizes guidance, automates administration, and surfaces actionable insights for savers and their employers. Together, the company said these advances enable saving to start earlier, adapt more holistically to life’s needs, and operate as a connected, end-to-end experience.

Today, New York-based Vestwell supports more than 2 million active savers and administers over $50 billion in assets through employers, financial institutions, advisors, payroll providers, and government agencies nationwide. Its innovations lower barriers to participation, deliver measurable outcomes, and expand access to modern savings across income levels, languages, and communities.

The company added nearly 30,000 plans through the Accrue 401k acquisition announced in December and completed Feb. 2, and more than 40 government programs are leveraging Vestwell infrastructure.

“The Vestwell team has built a leading savings platform that is extending its reach across major payroll providers with the Accrue 401k acquisition,” said Michael Noryko, managing director at SLW. “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.”