Vestwell
Vestwell
Vestwell is a New York–based financial technology company that provides infrastructure for workplace and individual savings programs across the United States. Founded in 2016 by Aaron Schumm, the company powers retirement, education, emergency, and disability savings solutions for millions of Americans through employers, payroll providers, and financial institutions. It has become a key player in closing the nation’s savings gap.
Key facts
- Founded: 2016
- Founders & CEO: Aaron Schumm
- Headquarters: New York City, USA
- Valuation (2026): ≈ $2 billion
- Total funding: ≈ $660 million
Platform and services
Vestwell’s cloud-native platform unifies multiple savings vehicles—including 401(k), 403(b), IRA, 529 education, ABLE disability, and emergency accounts—under one interoperable system. It operates as an infrastructure layer for employers, financial advisors, payroll firms, and state governments, enabling them to administer and embed savings programs efficiently. The company reports more than 2 million active savers, 500,000 participating businesses, and $50 billion in assets administered nationwide (Crunchbase News).
Business model and partnerships
Vestwell earns recurring revenue through per-employer or per-employee fees. It white-labels its technology for major partners such as JPMorgan Chase & Co., Morgan Stanley, Intuit QuickBooks, Franklin Templeton, and Paylocity. It also powers more than 40 state-facilitated auto-IRA and 529 plans, making it the leading government-program partner in the U.S. (Sixth Street).
Growth and funding milestones
After a $125 million Series D round in 2023 led by Lightspeed Venture Partners, Vestwell raised $385 million in Series E funding in February 2026 from Blue Owl Capital and Sixth Street Growth, doubling its valuation to $2 billion. The capital supports expansion of AI-driven personalization, broader payroll integration, and acquisitions such as Accrue 401(k) and Gradifi (Sixth Street).
Position and impact
Vestwell positions itself as the “backbone of the modern savings economy.” By consolidating fragmented savings systems into a single infrastructure, it helps employers and states extend affordable, automated savings options to workers of all income levels. Its recognition includes listings on CNBC’s World’s Top Fintech Companies, Forbes America’s Best Startup Employers, and Inc. 5000 .