Israeli fintech company Pontera today announced that it has completed a $60 million financing round led by ICONIQ Growth with participation from previous investors Blumberg Capital, Collaborative Fund, Hanaco Ventures, Lightspeed Venture Partners and The Founders Kitchen. No valuation for the financing round was reported but sources told "Reuters" that the company is now worth more than $550 million. The latest funds bring the total amount raised by Pontera to $160 million.
The company has developed a platform to address the widespread neglect of workplace retirement accounts held by an estimated 85 million Americans by enabling 401(k) participants to receive comprehensive wealth management services by personal financial advisors. Pontera was founded by Waze cofounder Uri Levine together with CEO Yoav Zurel, Eyal Halahmi, and David Weisz. Headquartered in New York, 65% of the company's 225 employees are in Israel, "Reuters" reports.
Pontera says it has quadrupled revenue since its last fundraise in February 2022. The company says that thousands of financial advisors are now leveraging Pontera's platform to overcome operational hurdles to securely and compliantly manage 401(k), 403(b) and other retirement plan assets as a critical part of their clients' wealth.
Pontera meets these challenges through its client-permissioned platform, which empowers advisors to analyze, rebalance and monitor 401(k), 403(b) and other held-away accounts across hundreds of financial institutions in a single, unified view. The platform is SOC 2 Type II and ISO 27001 certified and integrates with leading portfolio management software to provide clients with a comprehensive view of their finances.
Zurel says, "This funding is not just an investment in Pontera; it's an investment in the future of every US worker striving for a secure and fulfilling retirement. We are proud to partner with investors who recognize the nation's looming retirement crisis and Pontera's role in helping everyday families."
Published by Globes, Israel business news - en.globes.co.il - on December 7, 2023.
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