Financial wellness platform Origin has closed its Series B funding round on $56m, which has brought its valuation up to $400m.
01A, General Catalyst and Lachy Groom acted as the lead investors to the Series B. Other contributions came from previous Origin backers Founders Fund, Felicis Ventures and Abstract Ventures.
This equity infusion will empower Origin to reach more customers and deepen its product development efforts.
Origin claims it has experienced a big uptick in customer demand following the Covid-19 pandemic. Since the start of the pandemic, 63% of employees reported financial stress increased and more than 80% wanted advice or validations for their financial decision, it said.
The FinTech company gives employees a money management platform, seasoned with personalised advice from real-life financial planners. It also offers financial literacy workshops to help users meet goals.
Its services are also used by employees at companies including DocuSign, Zynga, Nextdoor and Blend to better utilise compensation and benefits packages, simulate equity growth scenarios, complete taxes, plan for retirement, pay off debt and more.
Origin CEO and co-founder Matt Watson said, “Financial stress negatively impacts every area of life — including relationships, family, work and health. Employers are realizing that by investing in the financial well-being of employees, they can solve a host of other issues.
“Origin’s mission is simple — we want to improve the financial well-being of every employee, no matter their income or net worth. We already help hundreds of thousands of employees achieve their financial goals, and this capital will enable Origin to keep expanding its enterprise-grade products to support employees on a global scale.”
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