Vestwell has raised $385 million in Series E funding, bringing its total capital raised to $660 million and doubling the company’s valuation since its 2023 Series D. The round was led by Blue Owl Capital and Sixth Street Growth, with JPMorgan serving as placement and structuring agent.
New and existing investors joined the round, including Neuberger Berman, SLW, Morgan Stanley, Franklin Templeton, TIAA Ventures, and HarbourVest. The company has now surpassed $200 million in annual recurring revenue and continues to grow profitably. The raise signals strong investor confidence in Vestwell’s position as the infrastructure layer for how Americans save.
A Platform Built for the Savings Gap
Vestwell operates at a time when millions of Americans are financially unprepared for emergencies, retirement, and other major life events. The platform currently supports more than 2 million active savers and administers over $50 billion in assets through employers, financial institutions, advisors, payroll providers, and government agencies across the country.
The company’s growth reflects a broader reality: saving in America has long been fragmented. For decades, retirement, emergency, education, disability, and long-term savings each operated in separate systems with their own rules and vendors. Vestwell has built a single infrastructure layer to connect all of them.
Where the Funds Will Go
Vestwell will use the new capital to expand its distribution across payroll platforms, benefits systems, financial institutions, and government-led programs. The company is also investing in AI-native capabilities to personalize guidance, automate administration, and surface useful insights for both savers and employers. These tools aim to make saving something that starts earlier and adapts to life as it actually unfolds.
The company is also moving toward more sophisticated investment solutions, ones that have historically been available only to larger institutional plans. Rather than relying on basic, age-based defaults, Vestwell’s platform incorporates a broader set of personalized factors tied to long-term income goals. More employers and individual savers will gain access to tailored investment approaches through technology that previously only well-resourced plans could afford.
“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.”
Who They Are and What They’ve Built
Vestwell was founded in 2016 with a straightforward goal: make saving accessible, efficient, and workable for everyone, not just those with access to large employer plans or financial advisors. The company is led by CEO and founder Aaron Schumm alongside Dave Sheen and the broader leadership team.
The platform already powers a wide set of savings pathways, including workplace emergency savings accounts, student loan repayment benefits, ABLE accounts for people with disabilities, and programs that help families save for education. All of it runs on a single, modern infrastructure. Vestwell also offers multilingual experiences across more than 20 languages and AI-powered assistance that delivers real-time support to savers.
A notable recent milestone was the Accrue 401k acquisition, through which Vestwell added nearly 30,000 plans to its platform. The company also supports more than 40 government programs, with reach spanning both the private and public sectors.
The Investors Behind the Round
Blue Owl Capital led the round alongside Sixth Street Growth. Blue Owl is an asset manager with over $307 billion in assets under management, investing across credit, real assets, and GP strategic capital. Sixth Street Growth is the dedicated growth equity arm of Sixth Street, a global investment firm with over $125 billion in assets under management, which has invested more than $10 billion across 70-plus companies through its Growth franchise since inception.
SLW focuses on flexible expansion capital for later-stage technology companies. Other participants included Neuberger Berman, Morgan Stanley, Franklin Templeton, TIAA Ventures, and HarbourVest.
“Vestwell has built a resilient platform with strong underlying economics and a clear path for continued expansion,” said Tim DeGrange, 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.”
