US-based online investment platform Blooom received $9.15m on Monday in a series B round that included insurance providers Allianz Life and Nationwide as well as financial services firm UMB.
Allianz Life and Nationwide invested through their respective corporate venturing vehicles, Allianz Life Ventures and Nationwide Ventures. The oversubscribed round was co-led by QED Investors and Commerce Ventures, while TTV Capital, Industry Ventures and KCRise also took part.
Founded in 2013, Blooom operates an investment platform that relies on robo-advisors and which is specifically aimed at users with workplace retirement plans known in the US as 401k and 403b. The company currently has more than $500m in assets under management.
Blooom previously raised $4m in a series A round in 2015 led by QED and backed by UMB as well as processing software provider DST Systems, Commerce Ventures and Hyde Park Ventures.
Chris Costello, co-founder and CEO of Blooom, said: “We are grateful to have had the opportunity to handpick some of the nation’s smartest fintech investors, who will help us in Blooom’s mission to help a large segment of underserved Americans manage their retirement savings.
“This series B will allow us to reach hundreds of thousands of hard working people across this country who have never received help with what may end up being their single most important financial asset: their 401k or 403b.”