NewRetirement, a digital-first financial planning platform, has closed its Series A funding round with $20 million, led by Allegis Capital, along with several prominent investors. This funding will propel NewRetirement's mission to democratize financial planning, addressing the significant gap observed among Americans, where 65% lack a structured financial plan and two-thirds feel their planning needs improvement.
A fistful of profits – the good, the bad, and the ugly of savings and investing
Unlike traditional advisor models, NewRetirement offers intuitive, self-directed tools to empower individuals in managing their financial futures. Its comprehensive platform covers various financial aspects, including savings, investments, benefits, pensions, Medicare, Social Security, home equity, taxes, and estate planning. Through sophisticated modeling and thousands of scenario analyses, users can engage in holistic planning with digital guidance.
Stephen Chen, Founder and CEO of NewRetirement, emphasizes the platform's goal to make financial planning accessible to all. Employers recognize the value of financial wellness benefits and are increasingly offering NewRetirement's platform to employees. NewRetirement also extends its offerings to enterprise partners, enabling plan sponsors, plan providers, wealth managers, banks, and insurance companies to integrate its tools and develop customized platforms.
With the Series A funding, NewRetirement plans to expand its enterprise solutions, enhance research and development efforts, and integrate advanced technologies like machine learning and AI to provide personalized recommendations. NewRetirement's latest funding round underscores its commitment to enhancing financial planning access and empowering individuals and organizations to achieve financial wellness.
