California-based NewRetirement, which offers a financial planning and wellness platform, has landed a $20 million investment following a Series A funding round.

NewRetirement raises $20m in Series A funding

The fintech says it will use the capital raised from the round, which was led by Allegis Capital, to “expand its enterprise offerings” and fund the research and development of its platform.

The platform is currently powered by a planning and modelling engine which leverages data and technology to deliver digital tools which are said to enable consumers in the US to “confidently create and manage their own financial plan”.

These tools pair holistic accumulation and decumulation planning with digital guidance, and extend to human capital, estate planning, home equity, pensions, medicare, social security and taxes, among others.

While aiming of further establishing its API-based enterprise offering alongside its direct-to-consumer product, NewRetirement adds that the capital will also be used to “integrate LLMs (Large Language Models) and AI” into the platform to provide “more personalised recommendations”.

The round was joined by several VCs, including Cameron Ventures, Fin Capital, Frontier Venture Capital, Motley Fool Ventures, Ulu Ventures, Nationwide Ventures, Marin Sonoma Impact Ventures, Northwestern Mutual Future Ventures, and Plug and Play Ventures.

NewRetirement joins a growing list of fintechs to have completed a Series A funding round this year, following Colombian payments vendor Yuno, Saudi digital lending platform Tameed, and most recently, Uzbekistani tech firm Uzum, which landed $114 million through a combination of Series A equity funding and debt financing late last month.