Total amount raised
$4.2 Millions
Latest funding date
02/01/2022
Location
Title
Addition Wealth has successfully raised significant funding to support its mission of providing personalized financial expertise to employees. The platform offers a comprehensive suite of financial wellness services, including budgeting, savings, debt management, and retirement planning.
Keep reading to explore the intricacies of Addition Wealth's fundraising journey and the investors backing this innovative platform.
What Is Addition Wealth?
Addition Wealth is a financial wellness platform designed to make personalized financial expertise more inclusive and accessible. Founded in New York, the company offers a range of services to support employees in making informed financial decisions.
Founded by a team of dedicated professionals, Addition Wealth provides holistic financial decision support, including budgeting, savings, employee benefits, debt repayment, retirement planning, taxes, home buying, education savings, and equity compensation.
With a growing team of experts, Addition Wealth continues to expand its reach, helping employees navigate their financial journeys with confidence and clarity.
How Much Funding Has Addition Wealth Raised?
- Seed Funding Round
- Amount Raised: $4 million
- Date: February 2022
- Lead Investors: Nyca Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the public launch of Addition Wealth and expand its services to more companies and employees.
Total Amount Raised: $4 million. Current Valuation: Not publicly disclosed.
Key Investors
- Nyca Partners
- Details: Nyca Partners is a venture capital firm specializing in financial technology. They aim to support companies that are transforming the financial services industry.
- Investment Focus Areas: Fintech, payments, blockchain.
- Notable Investments: Affirm, Acorns, Betterment.
- Core Innovation Capital
- Details: Core Innovation Capital is a venture capital firm that invests in companies democratizing prosperity. They focus on financial services that improve the lives of everyday consumers.
- Investment Focus Areas: Fintech, financial inclusion, consumer finance.
- Notable Investments: NerdWallet, Oportun, Ripple.
- Female Innovators Lab by Barclays and Anthemis
- Details: This venture fund is a collaboration between Barclays and Anthemis, dedicated to supporting female entrepreneurs in the fintech space. They provide funding and resources to help women-led startups succeed.
- Investment Focus Areas: Fintech, female-led startups, innovation.
- Notable Investments: Not publicly disclosed.
- Fin Venture Studio
- Details: Fin Venture Studio is a venture capital firm that invests in early-stage fintech companies. They focus on innovative solutions that address significant challenges in the financial sector.
- Investment Focus Areas: Fintech, early-stage startups, financial innovation.
- Notable Investments: Not publicly disclosed.
- Angel Investors
- Details: A group of individual investors who have previously contributed to the growth of notable fintech companies. They bring valuable experience and insights to their investments.
- Investment Focus Areas: Fintech, personal finance, digital banking.
- Notable Investments: Acorns, Affirm, Revolut.
What's Next for Addition Wealth?
As Addition Wealth continues to grow, the opportunity to provide personalized financial planning services to employees through their employers is immense. With a focus on holistic financial tools and professional advice, the company is well-positioned to cater to the 87% of U.S. employees seeking help with their personal finances. This demand, coupled with the increasing interest from tech companies, presents a significant growth potential for Addition Wealth.
Future fundraising opportunities are likely as the company expands its client base and service offerings. The initial $4 million seed funding has set a strong foundation, and further investment could help scale operations and enhance service delivery. However, challenges such as competition from other financial planning services and maintaining the quality of personalized advice as the client base grows will need to be addressed. With strategic planning and continued innovation, Addition Wealth is poised to make a lasting impact in the financial wellness space.
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