The fintech claims it will "expand its enterprise offerings" and finance the platform's research and development using the money obtained from the round, which was headed by Allegis Capital.

Currently, a planning and modeling engine powers the platform. It uses technology and data to give digital tools that are meant to let US customers "confidently create and manage their own financial plan."

These tools include human capital, estate planning, home equity, pensions, Medicare, Social Security, and taxes, among other things. They combine comprehensive accumulation and decumulation planning with digital coaching.

NewRetirement notes that in addition to expanding its direct-to-consumer product and building its API-based enterprise offering, the funds will also be utilized to "integrate LLMs (Large Language Models) and AI" into the platform in order to deliver "more personalised recommendations."

Several venture capital firms participated in the round, including Plug and Play Ventures, Nationwide Ventures, Fin Capital, Cameron Ventures, Motley Fool Ventures, Ulu Ventures, and Northwestern Mutual Future Ventures.

Following Yuno, a Colombian payments vendor, Tameed, a Saudi digital lending platform, and most recently Uzum, an Uzbek tech company, which raised $114 million late last month through a combination of debt financing and Series A equity funding, NewRetirement is the latest in a growing list of fintechs to successfully complete a Series A funding round this year.