Vestwell, the infrastructure platform powering America’s modern savings economy, has raised $385 million in Series E funding. The round was led by Blue Owl Capital and Sixth Street Growth, with participation from new and existing investors, including Neuberger Berman, SLW, Morgan Stanley, Franklin Templeton, TIAA Ventures, and HarbourVest. JPMorgan was placement agent and structuring agent for Vestwell in connection with the financing.
The financing doubles Vestwell’s valuation since its 2023 Series D and brings total capital raised to $660 million. Vestwell has surpassed $200 million in annual recurring revenue and continues to grow profitably. The financing reflects investor confidence in Vestwell’s role as the infrastructure layer for how Americans save.
Vestwell’s growth comes at a critical time, as millions of Americans remain financially vulnerable and under-prepared for emergencies and major life milestones such as college education and retirement.
What This Capital Unlocks
Vestwell is expanding its distribution across all channels where income is earned and benefits are delivered, while advancing intelligent, AI data-driven experiences and extending savings pathways beyond retirement. By embedding savings more deeply into payroll, benefits platforms, financial institutions, and government-led public programs, Vestwell’s platform reaches workers and families where saving actually happens.
The company is also expanding access to more sophisticated, professionally managed investment solutions. These capabilities—historically reserved for larger, institutional plans—move beyond basic, age-based defaults to incorporate a broader set of personalized factors tied to long-term retirement income goals. As a result, more employers and savers can benefit from a tailored, holistic investment approach using Vestwell’s award-winning technology.
Ongoing investment in AI-native capabilities personalizes guidance, automates administration, and surfaces actionable insights for savers and their employers. Together, these advances enable saving to start earlier, adapt more holistically to life’s needs, and operate as a connected, end-to-end experience.
“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. We’re deepening the intelligence behind the platform and expanding access beyond retirement so more people can save in ways that best fit their lives.”
A New Approach to Saving
For decades, saving in America has been fragmented. Separate systems for retirement, emergencies, education, disability, and long-term goals each had their own rules, vendors, and barriers to participation.
Today, Vestwell supports more than 2 million active savers and administers over $50 billion in assets through employers, financial institutions, advisors, payroll providers, and government agencies nationwide. Its innovations lower barriers to participation, deliver measurable outcomes, and expand access to modern savings across income levels, languages, and communities.
A secure retirement remains foundational, but achieving that goal requires a broader approach to saving that starts with the first dollar. Vestwell’s platform already powers a broad set of savings pathways—from workplace emergency savings and programs that seed early wealth for college savings and student debt solutions, to ABLE accounts that protect benefits for people with disabilities—delivered through a single, modern infrastructure layer.
“Vestwell has built a resilient platform with strong underlying economics and a clear path for continued expansion,” said Tim DeGrange, a principal of Blue Owl Capital. “The company’s ability to scale profitably while broadening both its product offering and distribution reflects the durability of its model and the strength of its execution. Vestwell is building long-term infrastructure for the savings ecosystem, enabled for today’s age of AI.”
As adoption accelerates across both the private and public sectors, Vestwell has emerged as the connective layer across how saving works in the U.S.
At Scale Today
- More than 2 million active savers using Vestwell-powered programs
- More than $50 billion in assets administered across workplace, institutional, and government channels
- Nearly 30,000 plans added through the Accrue 401k acquisition
- More than 40 government programs leveraging Vestwell infrastructure
- Multilingual experiences across more than 20 languages and AI-powered assistance delivering real-time, personalized support
“Vestwell’s platform has reached an important inflection point, combining innovation and scale with the flexibility to support a broad and evolving set of savings use cases,” said Alex Goodman, principal at Sixth Street Growth. “As demand for integrated savings solutions accelerates across employers, advisors, and partners, we believe Vestwell is well-positioned to build on its momentum and expand its impact over time.”
“The Vestwell team has built a leading savings platform that is extending its reach across major payroll providers with the Accrue 401k acquisition,” said Michael Noryko, managing director at SLW. “Aaron Schumm, Dave Sheen and the leadership team at Vestwell have a long track record of building value with successful acquisitions. They are well positioned to be the backbone for the modern savings economy and we look forward to extending our partnership.”
