Here’s an exclusive look at the pitch deck savings plan startup Vestwell used to raise $70 million from investors like Wells Fargo, Goldman Sachs and Morgan Stanley

Aaron Schumm
  • Vestwell helps companies offer workplace savings plans to their employees.
  • It first started with 401(k) plans, but has expanded to 403(b), IRA, and 529 college saving plans.
  • The company raised a $70 million Series C led by Wells Fargo with other banks contributing. 

Vestwell provides a savings platform for individuals and small businesses, giving its users a modern solution to save for retirement, education and healthcare.

The startup works and partners with financial service providers, payroll and human resource management platforms, and state-sponsored savings programs like IRAs and 529 plans.

One reason why small businesses typically have trouble setting up workplace savings programs is because of high fees by legacy providers, said Vestwell founder and CEO Aaron Schumm.

“There are 32 million small and medium-sized businesses but less than one million workplace savings programs, so definitely there’s a savings gap in the country,” Schumm said. “But it’s difficult to set up some of these programs in a way that really helps people.”

The company white labels its software and platforms to companies like Morgan Stanley, which uses the technology for its workplace financial platform, Morgan Stanley at Work. Vestwell also has over 20 payroll integrations with providers like Gusto, ADP and Quickbooks.

In partnership with states including Oregon, Connecticut, Maryland, Colorado, and Virginia, Vestwell administers state-offered IRA, 529 college, and ABLE savings programs. 

Vestwell raised $70 million in Series C financing last year led by Wells Fargo Strategic Capital and Fin Venture Capital. Other investors include Goldman Sachs, Morgan Stanley, Manulife, and Point72 Ventures.

Schumm said the company plans to further expand the savings programs it covers. In the past year alone, Vestwell now works with 529 accounts and ABLE — a tax-advantaged savings plan for people living with disabilities and their families — and hopes to also service emergency savings accounts and health savings accounts.

Here’s the 12-slide pitch deck Vestwell used to raise $70 million: