NewRetirement, a comprehensive financial planning and financial wellness platform serving individuals and enterprise clients, announced that it has raised $20mm in a Series A funding round. The round was lead by existing investor Allegis Capital and quite a few other VCs, some of which are new faces to NewRetirement, from what we can tell. We like seeing that. Several Corporate Venture Capital arms also participated, namely Nationwide Ventures and Northwestern Mutual Ventures, which isn't surprising to us given the large-scale problems insurance companies have when it comes to financial advice and the solutions technology can provide.
Amongst other things, NewRetirement will use the proceeds to continue to scale, enhance its enterprise offerings, and, of course, integrate LLMs and AI to provide more personalized recommendations.
We will also point out that Benjamin App also announced that they raised money from VCs: $5.5mm in a Seed round. While Benjamin is not WealthTech (they are a cash rewards app), it's close enough for us to notice, especially since we are always on the lookout for the arrival of Spring in the WealthTech VC funding market.