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NextCapital Raises $30 Million In Series C Financing

Oak HC/FT leads growth round to drive partner, platform and market expansion

CHICAGO, IL (January 4, 2018) - NextCapital, the leader in enterprise digital advice, is pleased to announce the completion of its Series C Preferred Stock financing. Oak HC/FT, the premier venture fund investing in early to growth stage tech-enabled financial services and healthcare companies, led the funding round. Existing NextCapital shareholders Manulife Financial, Transamerica Ventures, Vermont Seed Capital Fund and Route 66 Ventures also participated.

NextCapital provides institutions with an integrated and configurable platform to deliver automated personal financial advice — including holistic portfolio tracking, planning, savings advice, and portfolio management.

“Oak HC/FT shares our conviction that large financial institutions will win the big shift to scalable personal investment advice,” said John Patterson, Chief Executive Officer of NextCapital. “This infusion of new capital, coupled with Oak HC/FT’s fintech pedigree, will accelerate our ability to bring new digital advice capabilities to market and open up new strategic business channels.”

“The $15 trillion U.S. retirement savings market is going through seismic change– from a regulatory, technology, and consumer perspective,” said Patricia Kemp, Co-Founder and General Partner, Oak HC/FT.  “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.”

NextCapital assists institutional partners to rapidly and cost-effectively bring to market a full-stack digital advice solution that is specifically built to support the demanding configuration requirements.

“Retirement and asset management firms are selecting NextCapital as a technology partner because of its ability to provide a truly differentiated digital advice solution,” added Alois Pirker, research director of Aite Group. “More specifically, large institutions want to utilize their own proprietary investment methodology, have full control of user experience, integrate to multiple 401(k) record keeping systems, and often, support multiple business channels.”

Patricia Kemp has 15 years of experience as a venture capitalist investing in transformative companies and entrepreneurs in financial services and FinTech, will join the NextCapital Board of Directors. Additionally, Oak HC/FT venture partner Dan Petrozzo, will join NextCapital as a Board Observer. Prior to joining Oak HC/FT, Dan was previously Chief Information Officer of Fidelity Investments and Morgan Stanley, as well head of investment management technology for Goldman Sachs.

 

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