Financial services firm Wells Fargo has co-led a $70m series C round for Vestwell, a US-based provider of workplace savings software, through its Wells Fargo Strategic Capital unit.
The round was co-led by venture capital firm Fin Venture Capital and included insurance and financial services groups Manulife, Nationwide and Allianz – the last two through Nationwide Ventures and Allianz Life Ventures – as well as financial services firm Northwestern Mutual.
Investment and financial services group Fidelity’s F-Prime Capital unit also backed the round, as did Goldman Sachs, Morgan Stanley, Point72 Ventures, FinTech Collective, Greenspring Associates, Primary Venture Partners, Teamworthy Ventures, Industry Ventures and Commerce Ventures.
Vestwell provides cloud-based recordkeeping software which facilitates the provision of workplace savings schemes and payroll. The cash will be used to increase headcount and strengthen its platform.
F-Prime Capital joined Primary Venture Partners, FinTech Collective and Commerce Ventures in Vestwell’s $4.5m seed round in 2016 in addition to an $8m series A the following year.
Goldman Sachs’ Principal Strategic Investments subsidiary led the company’s $30m series B round, in 2019, which included Goldman Sachs’ Consumer and Investment Management Division, Allianz Life Ventures, Nationwide Ventures and financial services firm BNY Mellon.
F-Prime Capital, Primary Venture Partners, FinTech Collective and Commerce Ventures all returned for the series B round, which was filled out by Franklin Templeton and Point72.
