Vestwell Secures $385 Million Series E to Scale Payroll-First Savings Platform

Overview

• Blue Owl Capital and Sixth Street Growth co-led the round, joined by Neuberger Berman, Silver Lake Waterman, Morgan Stanley, Franklin Templeton, TIAA Ventures and HarbourVest Partners.
• Vestwell declined to disclose a new valuation, though multiple outlets report roughly $2 billion, about double the figure cited after its December 2023 round.
• The company reports more than $200 million in annual recurring revenue with nearly 50% year-over-year growth, serving over 2 million savers and administering more than $50 billion in assets.
• New funding will push deeper distribution through payroll, benefits platforms, financial institutions and government programs, alongside AI-native tools for personalized guidance and automated administration.
• Vestwell’s January 2026 purchase of Accrue 401(k) added nearly 30,000 plans and about 350,000 savers; Morgan Stanley’s disclosed participation coincided with a modest rise in its shares.