Vestwell, a New York company that provides software and administration for workplace retirement and savings plans, raised $385m in a Series E round announced on 18 February 2026.
Funds managed by Blue Owl Capital and Sixth Street Growth led the round. New and existing investors Neuberger Berman, SLW, Morgan Stanley, Franklin Templeton, TIAA Ventures and HarbourVest took part. JPMorgan was placement agent and structuring agent. The financing brings Vestwell's total capital raised to $660m.
Vestwell said the round doubled its valuation from its 2023 Series D. It did not state a figure, but WealthManagement.com and The Paypers reported the new valuation as $2bn. The Paypers said the earlier Series D, closed in December 2023, raised $125m.
“We’re focused on an ambitious goal to close the $50 trillion savings gap in America,”Aaron Schumm, founder and CEO, Vestwell
What Vestwell does
Founded in 2016, Vestwell describes itself as the infrastructure platform for America's savings economy. It runs 401(k) and other workplace plans, student loan repayment benefits and accounts for education, emergency and disability savings, and sells them through employers, advisers, payroll providers, financial institutions and government agencies.
The company said it supports more than 2 million active savers and administers over $50bn in assets. It also said annual recurring revenue has passed $200m and that it continues to grow profitably. About 30,000 plans were added through its acquisition of Accrue 401k, which WealthManagement.com said closed in December, and more than 40 government programmes use its infrastructure. WealthManagement.com listed state auto-IRA programmes it has launched or partnered on in states including Colorado, Maryland, New Jersey and Oregon.
What the money is for
Vestwell said it will expand distribution across payroll, benefits platforms, financial institutions and public programmes, extend its savings products beyond retirement, and offer more sophisticated professionally managed investment options. Those options, it said, have historically been limited to larger institutional plans and go beyond basic age-based defaults to take in personal factors tied to long-term retirement income goals.
It also plans continued investment in AI features that personalise guidance, automate administration and surface insights for savers and employers.
Aaron Schumm, founder and chief executive, said the capital lets the company move faster and reflects investors' confidence in its ability to scale across payroll, partners and products.
Investor and analyst comment
Tim DeGrange, a principal at Blue Owl, said Vestwell has built a resilient platform with strong underlying economics and a clear path to expansion. Alex Goodman, a principal at Sixth Street Growth, said demand for integrated savings products is accelerating among employers, advisers and partners.
Michael Noryko, a managing director at SLW, said the Accrue 401k acquisition extends Vestwell's reach across major payroll providers.
Will Trout, a director at the research firm Datos Insights, told WealthManagement.com the investor lineup shows how central Vestwell has become in workplace-savings infrastructure. He said the company appears to have moved from a high-burn disruptor to a scaled infrastructure provider, and that the round looks more like financing for platform expansion than a raise to keep going.
Company website: vestwell.com