Alumni Ventures Invests in NewRetirement’s AI-Powered Financial Planning Platform

AV CEO Mike Collins Interviews CEO Steve Chen About Creating the “TurboTax for Financial Planning”

Written by

Alumni Ventures

Published on

Read

2 min

MANCHESTER, NH, JUNE 5, 2024Alumni Ventures (AV), one of the world’s most active VC firms, is proud to support NewRetirement. The company’s innovative, AI-powered platform provides bespoke financial planning for consumers, enterprises, and financial advisors. AV invested in NewRetirement’s $20 million Series A announced in March 2024, led by Allegis Capital with participation from Nationwide Ventures, Northwestern Mutual Future Ventures, and others.

NewRetirement addresses a significant gap in the financial planning industry, where opaque fees and complex services have often limited access to effective planning tools. By offering a transparent, user-paid model, New Retirement ensures that users maintain control over their financial plans without hidden costs. This approach is designed to foster better financial decisions from student loans and credit card debt to retirement savings and beyond.

Founder and CEO Steve Chen recently appeared on AV’s Tech Optimist podcast to explain how he and his team developed the “TurboTax for financial planning.”

See video policy below.

“We’re making comprehensive financial literacy and planning accessible to everyone,” said Chen. “By empowering individuals to create their own financial plans, we’re allowing them to make informed decisions for every stage of their lives.”

NewRetirement has already demonstrated impressive traction. The company’s direct-to-consumer product currently powers financial planning for 70,000 active users who are managing close to $100 billion dollars in their own financial plans. These users have created hundreds of thousands of financial plans, illustrating the platform’s effectiveness and appeal. New Retirement has also successfully integrated its platform with employers, offering their services to large workforces and exploring partnerships with financial services organizations and wealth managers.

“By empowering individuals to create their own financial plans, we’re allowing them to make informed decisions for every stage of their lives.”
Steve Chen
Founder and CEO, NewRetirement

“NewRetirement and Alumni Ventures are both democratizing impactful financial tools for consumers,” said AV Founder and CEO Mike Collins, who hosted the conversation with Chen on AV’s Tech Optimist podcast. “Steve and his team have created a powerful platform that not only simplifies financial planning, but also empowers users to take control of their financial futures.”

For people who want clarity about their choices today and their financial security tomorrow, NewRetirement is a financial planning platform that gives people the ability to discover, design and manage personalized paths to a secure future. Our goal is to make high quality, low-cost financial guidance available to everyone. Over 300,000 consumers and millions of people through partners have accessed the NewRetirement Platform to improve their financial wellness and create financial plans. The platform can be co-branded or white-labeled for partners. Additionally, the company provides API access to companies who wish to embed planning functionality within their own site.

About Alumni Ventures

Alumni Ventures offers accredited individuals access to professional-grade venture capital, a key asset class missing from the portfolios of many sophisticated investors. Since 2014, AV has raised $1.3+ billion from 10,000+ investors and backed 1,300+ unique portfolio companies. AV is a top 20 VC firm in North America according to CB Insights and the #1 most active VC firm in the U.S., and #3 most active in the world, according to PitchBook’s 2022 and 2023 rankings. AV has won awards from Inc. Magazine, Fast Company, Benzinga, and the US FinTech Awards. AV funds are private, for-profit, and not affiliated with or sanctioned by any school.

Media Contact Info
Scott Murphy
Alumni Ventures
670 N. Commercial Street, Suite 403
Manchester, NH 03101
Email: [email protected]

Want to learn more?
View all our available funds and secure data rooms, or schedule an intro call.

New to AV?
Sign up and access exclusive venture content.

Contact [email protected] for additional information. To see additional risk factors and investment considerations, visit av-funds.com/disclosures.