NextCapital, a US-based financial advice planning platform backed by corporates Manulife Financial, AllianceBernstein and Transamerica, has secured $30m in growth financing from investors led by FP Credit, the debt arm of investment firm Francisco Partners.
The round was filled out by investment firms Oak HC/FT and IA Capital Group.
Founded in 2014, NextCapital offers wealth management advice to individual investors planning for their retirement, underpinned by a digital platform marketed through its investment banking partners.
The company believes it has created a user interface capable of attracting high-net worth investors as well as customers hoping to kickstart their savings.
NextCapital will dedicate the proceeds to expanding its advisory offering in areas including retirement and workplace savings.
The round brought NextCapital’s overall funding to $85m. Financial services provider Manulife and insurance group Transamerica had combined to help close a $30m series C round for the company in early 2018.
Oak HC/FT led the round, which also included state-owned Vermont Seed Capital Fund and investment firm Route 66 Ventures, with Transamerica contributing through its Transamerica Ventures subsidiary.
NextCapital closed a $16m series B round co-led by Manulife and asset management firm AllianceBernstein that included Route 66 Ventures in 2015, the year after Transamerica and Russell Investments had co-led a $6m series A featuring Vermont Seed, FinTech Collective and Kelvingrove Ventures.