Vestwell Raises $385M, Doubles Valuation as Savings Platform Scales

Fintech platform Vestwell has secured $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 Neuberger Berman, SLW, Morgan Stanley, Franklin Templeton, TIAA Ventures and HarbourVest. JPMorgan served as placement and structuring agent. 

Vestwell said the new capital will support distribution expansion across payroll, benefits platforms, financial institutions and government programs, while advancing AI-driven capabilities and broadening savings solutions beyond traditional retirement products. 

“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.” 

The NY-based company now supports more than two million active savers and administers over $50 billion in assets across workplace, institutional and government channels. Vestwell has added nearly 30,000 plans through its Accrue 401k acquisition and powers more than 40 government savings programs nationwide. 

By embedding savings infrastructure directly into the channels where income is earned and benefits are delivered, Vestwell aims to streamline access and expand participation across underserved segments of the U.S. workforce.