The round was led by Allegis Capital and joined by 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, bringing the company’s total funding to $20.8 million.

Today’s news arrives at a time when access to holistic financial planning is more critical than ever. The majority of Americans – as many as 65%, per Charles Schwab’s Modern Wealth Survey 2023 – have no formal financial plan. Further, while 37% of respondents work with a financial advisor, two-thirds of Americans (66%) believe their financial planning needs improvement, according to Northwestern Mutual’s Planning and Progress Study 2023. Rather than relying on the traditional advisor model – which isn’t accessible to everyone and is difficult to scale – NewRetirement has leveraged technology, data, and modeling to create powerful digital tools that allow anyone to confidently create and manage their own financial plan that goes beyond savings and investments to include human capital, benefits, pensions, Medicare, Social Security, home equity, taxes, decumulation, estate planning and more. The comprehensive planning and modeling engine considers thousands of scenarios, enabling individuals to do holistic accumulation and decumulation planning with digital guidance. NewRetirement’s direct-to-consumer product currently powers financial planning for 70,000 active users who are managing close to $100 billion dollars in their own financial plans.

“Historically, financial planning has been limited to those who have the resources to hire an advisor. This means the majority of Americans do not have a long-term plan in place to help manage paying off student loans, purchasing a house, or planning for other life changes,” said Stephen Chen, Founder and CEO of NewRetirement. “We’ve seen firsthand that knowledge builds financial confidence, and when people plan strategically, they have better outcomes. Employers are stepping up to help their employees confidently prepare for their future by offering our self-directed, comprehensive platform as a benefit. We’re committed to using this new infusion of capital to help even more users reach their financial wellness goals.”

Employer plan sponsors and plan providers can offer NewRetirement’s planner, calculators, and educational classes to their employees as an easy-to-use, self-directed financial wellness benefit. Wealth managers, banks, and insurance companies can utilize the company’s APIs, planner, calculators, and advisor tools to develop a white-labeled or co-branded platform, enabling them to leverage new business models, retain assets, and drive revenue with more engaged consumers.

“NewRetirement has emerged as a valuable platform for financial services firms and workplace retirement plans, and we’ve been impressed by their rapid adoption among enterprise clients,” said Stuart Doane, General Partner at Allegis Capital. “We are proud to back Stephen and the NewRetirement team as they leverage technology to meet these unmet market needs.”

With its Series A funding, NewRetirement will expand its enterprise offerings, scale onboarding and support for new partners, enhance R&D efforts aimed at helping its user base, integrate LLMs and AI to provide more personalized recommendations, and build capacity to meet growing demand. To learn more about partnering with NewRetirement, contact This email address is being protected from spambots. You need JavaScript enabled to view it..