The round, which brought the company's total funding to $20.8 million, was led by Allegis Capital and included participation from Ulu Ventures, Nationwide Ventures, Fin Capital, Frontier Venture Capital, Cameron Ventures, Marin Sonoma Impact Ventures, Northwestern Mutual Future Ventures, Plug and Play Ventures, and Motley Fool Ventures.

The news of today comes at a time when having access to comprehensive financial planning is more important than ever. According to Charles Schwab's Modern Wealth Survey 2023, 65% of Americans do not have a comprehensive financial plan. According to Northwestern Mutual's Planning and Progress Study 2023, two-thirds of Americans (66%) feel that their financial planning needs to be improved, even though 37% of respondents work with a financial advisor.Using technology, data, and modeling, NewRetirement has developed powerful digital tools that enable anyone to confidently create and manage their own financial plan, which goes beyond savings and investments to include human capital, benefits, pensions, Medicare, Social Security, home equity, taxes, decumulation, estate planning, and more. This is in contrast to relying solely on the traditional advisor model, which is difficult to scale and is not available to everyone. With the help of digital guidance, people may perform complete accumulation and decumulation planning thanks to the extensive planning and modeling engine, which takes hundreds of situations into account. 70,000 active customers who are overseeing nearly $100 billion in personal financial plans are currently powered by NewRetirement's direct-to-consumer offering for financial planning.

"Traditionally, only individuals with the means to engage an advisor have had access to financial planning. Stephen Chen, the founder and CEO of NewRetirement, stated that this indicates the majority of Americans do not have a long-term strategy in place to help manage paying off school loans, buying a house, or planning for other life transitions. We have direct experience with how financial confidence is increased by knowledge, and greater results are achieved by those who plan wisely. Offering our all-inclusive, self-directed platform as a benefit, employers are taking the initiative to assist their staff members in confidently preparing for the future. We're dedicated to assisting even more individuals in achieving their financial wellness objectives with the support of this fresh funding infusion.
 

Employer sponsors and plan providers can provide their staff with an accessible, self-directed financial wellness benefit by providing NewRetirement's planner, calculators, and training sessions. The company's planner, calculators, advisor tools, and APIs may be used by banks, insurance firms, and wealth managers to create a white-labeled or co-branded platform that will allow them to retain assets, take advantage of new business models, and increase income from more engaged customers.

Stuart Doane, General Partner at Allegis Capital, stated, "We've been impressed by their rapid adoption among enterprise clients. NewRetirement has emerged as a valuable platform for financial services firms and workplace retirement plans." "We are pleased to support Stephen and the NewRetirement group in their use of technology to address these unfulfilled market demands."

With the help of its Series A funding, NewRetirement plans to increase the scope of its enterprise products, scale partner onboarding and support, improve user-focused R&D, combine AI and LLMs to deliver more individualized recommendations, and increase capacity to handle the company's expanding user base. Reach out to sales@newretirement.com to find out more about being a partner with NewRetirement.