Retirement financial advisor platform Vestwell has closed an $8m Series A funding round led by F-Prime Capital Partners.
The round also saw participation from firms including Primary Venture Partners, FinTech Collective and Commerce Ventures.
Launched in 2016, Vestwell is a turnkey solution for financial advisors, helping them offer clients retirement plans without risks. The platform helps with the onboarding processes and makes sure that the process is fully compliant.
The new injection of capital will be used to help with the hiring of more staff and to further the development of its technology.
F-Prime Capital partner Malka said, “Vestwell’s white-labeled platform provides financial advisors with the ease of compliance and automation while maintaining the human interaction that makes their businesses succeed. By giving advisors and plan sponsors access to low-cost plan options, Vestwell is providing employees across the country with the tools and plans that can help them to retire happily.”
Following the round, F-Prime Capital partner Ben Malka, will join Vestwell’s board of directors.
This round of funding, follows the company’s initial $4.5m seed investment rounds late last year.
Earlier this year, F-Prime Capital led the $23.5m Series B funding round into InsurTech company Stride Health, to support the company’s offerings. The firm also made contributions this year to US credit card business Blispay’s $12m and financial data platform Quovo’s $10m Series B.
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