TLDR:
- NewRetirement, a financial planning platform, closed a Series A round with $20 million in funding.
- The funding round was led by Allegis Capital and joined by several other venture capital firms.
NewRetirement, a digital-first financial planning platform, recently announced the closure of its Series A round with $20 million in funding. The round was led by Allegis Capital and included participation from Ulu Ventures, Nationwide Ventures, Fin Capital, and several other venture capital firms. This funding brings the total raised by NewRetirement to $20.8 million.
The platform utilizes technology, data, and modeling to provide users with powerful digital tools for financial planning that goes beyond traditional savings and investments. Users can manage various aspects of their financial plan such as human capital, pensions, Medicare, Social Security, taxes, estate planning, and more. The company’s comprehensive planning engine considers thousands of scenarios, allowing individuals to plan for accumulation and decumulation with digital guidance.
Currently, NewRetirement’s direct-to-consumer product serves 70,000 active users who collectively manage close to $100 billion in their financial plans. Employers can offer the platform as a financial wellness benefit to their employees, while wealth managers and insurance companies can leverage NewRetirement’s APIs and tools to develop their own white-labeled platforms.
With the Series A funding, NewRetirement plans to expand its enterprise offerings, enhance R&D efforts, integrate AI for personalized recommendations, and meet the growing demand for its services. The company aims to help more users achieve their financial wellness goals by using the new capital infusion effectively.
Overall, NewRetirement’s innovative approach to financial planning and their focus on empowering individuals to take control of their financial futures have attracted significant interest from investors, positioning the company for further growth and success in the industry.
