NextCapital officially announced Thursday that it has raised $30 million in new funding to grow its enterprise digital advice platform.
The Series C round brings the company’s total funding to more than $52 million. The round was led by Oak HC/FT, and included additional investments by Manulife Financial, Transamerica Ventures, Vermont Seed Capital Fund and Route 66 Ventures. We first reported NextCapital’s funding news in Tuesday’s edition of The Beat.
NextCapital provides its software to companies like John Hancock, Russell Investments and TransAmerica to help give digital financial advice to their clients. NextCapital’s automated personal financial advice includes portfolio tracking, planning, savings advice, and other information.
“Having surveyed the digital advice landscape, NextCapital is uniquely positioned to enable the transformation of the U.S. retirement industry and the way Americans save for retirement,” Patricia Kemp, co-founder and general partner of Oak HC/FT, said in a statement.
NextCapital, founded in 1996 by Dirk Quayle, John Patterson, Jon Hagen and Rob Foregger, allows financial firms to provide advice to their customers quicker and cheaper across multiple channels, including 401(k), IRA, and taxable brokerage accounts.
As a result of the investment, Kemp will join NextCapital’s board of directors. Also, Oak HC/FT venture partner Dan Petrozzo, who previously served as chief information officer of Fidelity Investments and Morgan Stanley, is joining NextCapital as a board observer.