![]() Schumm will spend a big chunk of the new capital growing the Vestwell team. And just this week, the fintech will begin partnering with Morgan Stanley to tap into the bank's advisor base and offer a new, digital retirement record keeping product. In January, meanwhile, Franklin Templeton announced a partnership with Vestwell to offer new personalized, managed account services. He added that Vestwell is working with two other states to spin up similar programs, but declined to specify which ones. Vestwell's venture with BNY Mellon to take on state-sponsored employee retirement programs in Oregon is currently in beta (with about 17,000 small businesses already on the program) and is set to launch later this year, Schumm said. They serve as one of Vestwell's main customer acquisition channels through a network of financial advisers. Vestwell has already inked several deals with players like BNY Mellon, Franklin Templeton, and Morgan Stanley, all of who are investors. Enterprise deals are not something that you flip a switch and you're good to go - they're a long, arduous process," he added. "There's a lot going on behind the scenes from a commercial standpoint," Schumm said, declining to add specifics around what a commercial deal will look like. There's already preliminary talks of an integration with Wells Fargo's advisor business. ![]() Vestwell is aiming to leverage its cap table for dealsīeing deliberate about who's at the table has created an environment that often breeds commercial deals with investors. Schumm declined to disclose Vestwell's valuation, but said the latest fundraising represented "a healthy step from our last round." Vestwell last raised $30 million in April 2019 from a roster of backers that included Goldman Sachs. The latest round brings Vestwell's total funding to date to roughly $115 million, he added. They don't have to be 401(k) experts per se, but they have to understand the dynamics around it," Schumm told Insider. "From the very beginning of this business, I said I want people at this table who really understand how this business works. On Tuesday, Vestwell announced the closing of a $70 million Series C round led by Wells Fargo Strategic Capital and Fin Venture Capital, with participation from Goldman Sachs, Morgan Stanley, Manulife, and Point72 Ventures, among others. This story is available exclusively to InsiderĪnd start reading now. ![]() Account icon An icon in the shape of a person's head and shoulders. ![]()
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