Startups > Vestwell

Vestwell

Vestwell powers retirement savings administration for employers, advisors, and institutions.

Series E $660M total Founded 2016 New York, New York 494 employees

Vestwell is a cloud-native financial technology platform that unifies retirement and savings plan administration, compliance, and distribution through white-labeled integrations with payroll providers, financial institutions, and advisors. The platform serves employers, financial advisors, and individuals managing long-term savings across multiple plan types including 401(k)s, auto-IRAs, and state-administered programs. Vestwell's structural moat stems from deep distribution partnerships with Morgan Stanley, JPMorgan Chase, Manulife John Hancock, and Amazon, combined with integrations across major payroll platforms like Gusto, QuickBooks, and Rippling.

Problem solved

Organizations struggle to offer modern, compliant retirement and savings plans across multiple product types while integrating seamlessly with existing payroll and financial infrastructure.

Target customer

Mid-market to enterprise employers, financial institutions, payroll providers, and wealth management advisors seeking to offer white-labeled retirement savings products.

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Founders

Aaron Schumm

Founder & CEO

Co-founded FolioDynamix (acquired by Envestnet, powering $800B in assets), recognized as EY Entrepreneur of the Year (New York), holds B.S. in Finance from University of Illinois and M.B.A. from Duke Fuqua.

Funding history

Seed Unknown September 2016 Led by F-Prime Capital

Series B Unknown March 2019 Led by Goldman Sachs

Series C $70M July 2021 Led by Wells Fargo Strategic Capital and Fin Venture Capital · Goldman Sachs, Morgan Stanley, Manulife, Point72 Ventures, Nationwide Ventures, Allianz Life Ventures, Northwestern Mutual, FinTech Collective, Greenspring Associates, Primary Venture Partners, Teamworthy Ventures, F-Prime Capital, Industry Ventures, Commerce Ventures

Series D $125M December 2023 Led by Lightspeed Venture Partners · Fin Capital, Primary Venture Partners, FinTech Collective, Blue Owl, HarbourVest

Series E $385M February 2026 Led by Blue Owl Capital and Sixth Street Growth · Neuberger Berman, SLW, Morgan Stanley, Franklin Templeton, TIAA Ventures, HarbourVest

Total raised: $660M

Industries

Employee Benefits Finance Financial Services Retirement FinTech

Pricing

Subscription-based with variable components. Example: Workplace Plus plan includes $175/month base fee plus $8 per participant per month plus 0.20% annual asset fee. Fees can be paid by participants, employer, or split.

Notable customers

JPMorgan Chase, Morgan Stanley, Manulife John Hancock, Voya, RBC Clearing and Custody, Navalign, Asure Software

Integrations

Toast, QuickBooks Payroll, Gusto, Rippling, Paylocity, Franklin Templeton (managed accounts), Commonwealth Financial Network, BNY Mellon (Sumday acquisition for state programs)

Tech stack

Next.js (Web servers) core-js (JavaScript libraries) Wistia (Video players) Zendesk (Documentation) Webpack Open Graph Module Federation Sanity (CMS) Linkedin Insight Tag (Analytics) Heap (Analytics) Google Analytics (Analytics) Facebook Pixel (Analytics) HSTS (Security) Node.js (Programming languages) Google Workspace (Email) Netlify (PaaS) Salesforce Marketing Cloud Account Engagement (Marketing automation) Google Tag Manager (Tag managers) Amazon Web Services (PaaS) CookieYes (Cookie compliance) Mailgun (Email) Amazon SES (Email)

Website

vestwell.com/

Competitors

Ascensus

Larger incumbent with broader retirement plan administration, less focused on modern digital-first distribution partnerships.

Guideline

Guideline divested its non-Gusto plans to Vestwell via Accrue 401k transaction, now focused primarily on Gusto integration.

401GO

Smaller pure-play competitor without the distribution partnerships and payroll integrations that give Vestwell structural advantages.

Human Interest

Competitor in small business 401(k) space with less institutional partnership support and fewer state program integrations.

Betterment at Work

Consumer-focused alternative with less comprehensive plan administration and compliance tooling.

Why this matters: Vestwell has built a structural moat through distribution partnerships with four of the world's largest financial institutions (JPMorgan Chase, Morgan Stanley, Manulife, Amazon) combined with deep payroll integrations, positioning it to own the modern retirement infrastructure layer that traditional competitors are struggling to match. Its $660M total funding and $2B Series E valuation reflect institutional confidence in the retirement-as-a-service opportunity.

Best for: Financial institutions, payroll providers, and advisors seeking to distribute modern retirement savings solutions through white-label integration without building infrastructure from scratch.

Use cases

Payroll Provider Plan Distribution

Payroll platforms like Gusto integrate Vestwell to offer 401(k) and retirement savings directly to their SMB customers. Employees access plans through existing payroll interfaces, reducing friction and expanding the payroll provider's service offering without internal compliance overhead.

Bank Small Business 401(k) Program

JPMorgan Chase selected Vestwell to power its small business workplace savings program, allowing Chase to offer employers a modern, administered retirement solution while Vestwell handles backend compliance, plan design, and participant experience.

State Auto-IRA Administration

Vestwell administers auto-IRA programs across 11 states, managing enrollment, contributions, and compliance for state-mandated retirement savings programs, serving as the operational backbone for state retirement security initiatives.

Advisor-Led Plan Offerings

Wealth advisors and RIAs use Vestwell's white-labeled platform to offer customizable retirement plans to their SMB clients, combining Vestwell's compliance and administration with advisor expertise in plan design and employee education.

Alternatives

Ascensus Larger incumbent with deeper historical relationships in retirement administration, but slower to innovate in digital distribution and modern integrations.

Guideline Focused primarily on Gusto integration for SMBs, lacking the multi-distribution partnership strategy and state program breadth that Vestwell offers.

Human Interest Consumer-first approach targeting small business owners directly, without the institutional and payroll provider distribution channels Vestwell leverages.

FAQ

What does Vestwell do? +

Vestwell is a cloud-native platform that administers retirement and savings plans (401(k)s, auto-IRAs, ABLE, 529 plans) for employers, advisors, and institutions. It unifies plan design, compliance, participant experience, and integrations with payroll and financial systems through white-labeled interfaces that partners distribute under their own brands.

How much does Vestwell cost? +

Vestwell uses a subscription model with per-employer base fees ($175/month example), per-participant fees ($8/month example), and potential asset-based fees (0.20% annually example). Exact pricing varies by plan type and volume; contact sales for quotes.

What are alternatives to Vestwell? +

Ascensus (incumbent with broader legacy relationships), Guideline (Gusto-focused SMB offering), Human Interest (direct-to-employer SMB 401(k)s), and 401GO (niche retirement administration).

Who uses Vestwell? +

JPMorgan Chase, Morgan Stanley, Manulife John Hancock, Voya, payroll platforms (Gusto, QuickBooks, Rippling), wealth advisors, state governments (11 auto-IRA programs), and hundreds of employers through distribution partners.

How does Vestwell compare to Ascensus? +

Vestwell is newer, cloud-native, and built for modern distribution partnerships and payroll integrations, while Ascensus is an incumbent with deeper historical relationships. Vestwell excels in white-label distribution and state programs; Ascensus has broader legacy employer bases. Vestwell's recent $385M raise and $2B valuation position it as the challenger with institutional backing.