US-based financial advice platform provider NextCapital has closed its series C round at $30m with contributions from financial services provider Manulife Financial and insurance group Transamerica.
The round was led by venture capital fund Oak HC/FT and included Vermont Seed Capital Fund, the VC fund formed by the US state of Vermont, as well as investment firm Route 66 Ventures, while Transamerica took part through its Transamerica Ventures subsidiary.
NextCapital’s online platform offers institutions and individuals access to customisable, automated financial guidance, including features such as portfolio tracking, financial planning and savings advice.
The round increased NextCapital’s total funding to $52m. Transamerica and Russell Investments co-led its $6m series A round in 2014, investing alongside Vermont Seed Capital Fund, FinTech Collective and Kelvingrove Ventures.
The company subsequently closed a $16m series B round in 2015 co-led by Manulife and asset management firm AllianceBernstein that included Route 66 Ventures.
Patricia Kemp, co-founder and general partner of Oak HC/FT, will join NextCapital’s board of directors, while Dan Petrozzo, a venture partner at the fund, will take on an observer position.
John Patterson, chief executive of NextCapital, said: “This infusion of new capital, coupled with Oak HC/FT’s fintech pedigree, will accelerate our ability to bring new digital advice capabilities to market and open up new strategic business channels.”