Vestwell Raises $385M in Series E Funding Led by Blue Owl Capital and Sixth Street Growth

Vestwell, a digital savings platform, has secured $385 million in a Series E funding round co-led by Blue Owl Capital and Sixth Street Growth. The New York-based startup did not disclose its new valuation, but it mentioned that it has doubled since its previous funding round. Vestwell has raised a total of $660 million in capital since its establishment in 2016. Apart from the co-leads, other participants in the latest round include Neuberger Berman, Silver Lake Waterman, Morgan Stanley, Franklin Templeton, TIAA Ventures, and HarbourVest Partners. CEO Aaron Schumm stated that

Vestwell is growing profitably, with annual recurring revenue surpassing $200 million, over 2 million active savers, and partnerships with more than 500,000 businesses. The company administers over $50 billion in assets across workplace, institutional, and government channels. It has experienced nearly 50% year-over-year growth and is focused on strong unit economics and improving margins. Vestwell's revenue model is based on a monthly fee per employer and/or per employee, tailored to customer preferences. The platform collaborates with financial institutions, payroll, and HR platforms to distribute or integrate its white-labeled savings products to employers and employees nationwide. 

Notable partners include Assure, BambooHR, Deel, Franklin Templeton, Intuit QuickBooks, JPMorgan, Paylocity, Rippling, Square, and Toast. Crunchbase data indicates that total funding to wealth management startups reached $1.9 billion in 2025, consistent with the previous year. Schumm, who founded Vestwell to address the issue of fragmented savings, described the company's mission to connect various savings programs into a unified platform. 

Vestwell, categorized as an enterprise fintech platform, simplifies savings management for employees and employers, supporting diverse savings vehicles and accessible in over 20 languages. With 500 employees, the company plans to utilize the new funding to expand its distribution and enhance AI-native capabilities for personalized guidance and actionable insights. Prior to Vestwell, Schumm co-founded wealth management startup FolioDynamix, which was acquired by Envestnet in 2017 for $195 million. Tim DeGrange, principal at Blue Owl, commended Vestwell for its holistic approach to savings and its role in creating a unified savings ecosystem. Vestwell's latest funding round signifies its continued growth and potential for shaping the future of digital savings platforms.

Read more about the funding here.