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, a digital savings platform, has raised $385 million in a Series E funding round co-led by and .

The New York-based startup says its new valuation is $2 billion, double it achieved when raising its $125 million Series D round in December 2023.

In total, Vestwell says it has raised $660 million in capital since its 2016 inception.

Also participating in the latest round were , , , , and .

Vestwell is growing 鈥減rofitably,鈥� according to CEO , who said the company鈥檚 annual recurring revenue is now more than $200 million. The platform has more than 2 million active savers and works with more than 500,000 businesses. In total, Vestwell has over $50 billion in assets administered across workplace, institutional and government channels.

The company grew nearly 50% year over year, Schumm said, and is operating with 鈥渟trong unit economics and improving margins.鈥�

Vestwell鈥檚 revenue model is dependent on its customers and their preferred structure, according to Schumm. Typically, it鈥檚 a monthly fee per employer and/or a monthly fee per employee.

The company works with financial institutions, payroll and HR platforms to distribute or integrate its white-labeled savings products to employers and employees nationwide. Those partners include , , , , , , , , , 听补苍诲 .

Overall funding to wealth management startups totaled $1.9 billion in 2025, per 禁漫天堂 , roughly the same amount as in 2024. That鈥檚 down from about $3.8 billion raised by such startups in the peak funding year of 2021.

Connecting the dots

Schumm founded Vestwell with the goal of addressing the problem of 鈥渇ragmented鈥� savings.

鈥淸There were] separate systems for retirement, emergency, education, disability and other savings programs. Each had its own rules, vendors and barriers to participation,鈥� he said. 鈥淰estwell solves that problem by connecting these programs into one interoperable platform.鈥�

Describing the company as an enterprise fintech platform, he said Vestwell makes it easier for employees and employers 鈥渢o save, manage and grow their money, no matter the size of the company.鈥�

It supports a range of savings vehicles, including retirement: 401(k), 403(b) and IRA savings programs; education such as 529 savings plans; emergency savings accounts; and ABLE accounts for people with disabilities. Its offering is accessible across more than 20 languages.

Presently, Vestwell has 500 employees.

Expansion plans

The company plans to use its new capital to expand its distribution. For example, it is working to embed savings more deeply into payroll, benefits platforms, financial institutions and government-led public programs.

It鈥檚 also continuing to invest in AI-native capabilities with the goal of having them personalize guidance, automate administration and surface 鈥渁ctionable鈥� insights for users and their employers.

Before Vestwell, Schumm co-founded wealth management startup , which was by in 2017 .

, principal at Blue Owl, describes Vestwell as 鈥渁 standout company.鈥�

鈥淰estwell is taking a holistic approach to savings, making it far more durable than just a recordkeeping platform,鈥� he wrote via email. 鈥淚t has created the infrastructure layer that connects payroll providers, financial advisors, enterprises and state programs into a unified savings ecosystem.鈥�

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Related reading:

• Wealth Management Startups See Funding Rise
• Wealth Management Platform Wealthfront Targets $2.05B Valuation In Latest Fintech IPO

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Clarification: This story has changed since its original publication to confirm the company’s current valuation.