vestwell

Vestwell, which provides the infrastructure for employers to power workplace savings programs, has raised $125 million in what the company describes as a “preempted” round of funding. Vestwell CEO Aaron Schumm started the company in 2016 and launched the cloud-native platform in 2017. Over 1 million people working across 300,000 businesses use the Vestwell platform, which the company said has helped power the savings of nearly $30 billion in assets over time. As an extension of its partners, Vestwell says it enables a suite of programs, including retirement, health and education, such as 401(k), 403(b), IRA, 529 Education, ABLE disability and Emergency Savings programs. “We’re now the leading partner in this field, and currently power 80% of the live state auto-IRA savings programs in this country,” he said.