American Express Ventures, the financial technology investment arm of American Express, has participated in a $28m series D funding round for US-based financial planning app, LearnVest, according to TechCrunch.
Financial services company Northwestern Mutual Capital led the round, which also included previous investor Accel Partners, a venture capital firm that is partnered with Kohlberg Kravis Roberts, and American Express Ventures, the financial-tech investment arm of American Express.
LearnVest, a personalised financial planning app that offers users investment advice, will use the money to expand its operation. It wants to hire more staff at the company’s Arizona-based Expert Hub and scale its ‘work-channel’, a service that allows companies to give workers access to LearnVest as a perk.
The company has now raised approximately $72.3m, with previous investors including Claritas Capital, Rose Tech Ventures, Richmond Global, PKS Capital and Circle Financial Group. American Express invested in the company’s $19.8m series C round, which closed in December 2013.