Goldman Sachs Backs Retirement Technology Platform Vestwell

Goldman Sachs

NEW YORK (Reuters) – Vestwell Holdings Inc, a tech platform for retirement plans, said on Tuesday it raised $30 million from Goldman Sachs Group Inc, Point72 Ventures and the Bank of New York Mellon Corp.

Franklin Resources Inc, Allianz Life Ventures and the venture capital arm of Nationwide Mutual Insurance Company also invested in the fundraising, which was led by Goldman Sachs’ principal strategic investments group, the companies said.

New York City-based Vestwell plans to use the funding to hire engineers and developers to expand its technology and customer service offering, said Aaron Schumm, chief executive and founder of the startup. The firm expects to add around 30 employees, bringing its workforce to nearly 80.

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