Vestwell

Vestwell provides a cloud-native platform that enables employers to offer workplace savings programs. The company's technology infrastructure supports various savings programs including 401(k), 403(b), IRA, 529 College savings, ABLE disability savings, and Emergency Savings programs. Their platform processes payroll deductions, handles recordkeeping, and manages ongoing administration and compliance requirements for workplace savings plans. As of December 2023, Vestwell served over 350,000 businesses and more than one million active savers, with approximately USD 30 billion in assets saved across all 50 states. In July 2023, Vestwell expanded its offerings by acquiring Gradifi Solutions, a provider of student loan benefits programs, from Morgan Stanley. The company's platform features white-label capabilities, omnichannel service, and enhanced employer engagement tools. Vestwell achieved a three-year revenue growth of over 1,000% and projected to grow its ARR and volume by more than 100% in 2023.

In 2025, Vestwell plans to launch the TIAA Secure Income Account (SIA), a guaranteed lifetime income solution that will be available through target-date structures for 401(k) and 403(b) plans on its platform. The SIA will offer guaranteed interest for retirement savings and provide pension-like retirement income to help cover everyday living costs for retirees.

Key customers and partnerships

Vestwell has established significant partnerships with major financial institutions. In May 2023, the company partnered with J.P. Morgan Asset Management to power their Everyday 401(k) workplace savings platform for small businesses. The company also collaborates with financial institutions including Morgan Stanley, BNY Mellon, and Allianz SE. In January 2024, Vestwell expanded its partnership with J.P. Morgan Asset Management to broaden the distribution of Everyday 401(k) to financial advisors. The company has also formed partnerships with advisory firms including Commonwealth Financial Network and Cambridge.

In the public sector, Vestwell powers over 80% of live state auto-IRA programs in the US. The company serves as administrator to more than 30 state savings programs, including education savings accounts and ABLE programs. As of 2024, Vestwell is partnering with various states including Delaware EARNS, New Jersey's RetireReady NJ, and Rhode Island's RISavers program.