Israeli financial technology company Pontera announced today that it has completed a $60 million funding 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 funding round was disclosed, but sources told Reuters the company was now worth more than $550 million. These latest funds bring the total amount raised by Pontera to $160 million.
The company developed a platform to address the widespread neglect of workplace retirement accounts held by approximately 85 million Americans by enabling 401(k) participants to receive comprehensive wealth management services from personal financial advisors. Pontera was founded by Waze co-founder Uri Levine, along with CEO Yoav Zurel, Eyal Halahmi and David Weisz. Based in New York, 65% of the company’s 225 employees are in Israel, reports Reuters.
Pontera says it has quadrupled its revenue since its last fundraising in February 2022. The company says 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 an essential element of their clients’ assets.
Pontera addresses these challenges with its client-authorized platform, which allows advisors to analyze, rebalance and monitor 401(k), 403(b) and other retained accounts at hundreds of financial institutions across 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 financing is not just an investment in Pontera; it’s an investment in the future of every American worker striving for a secure and fulfilling retirement. We are proud to partner with investors who recognize the country’s looming pension crisis and Pontera’s role in helping everyday families.
Published by Globes, Israel Business News – fr.globes.co.il – December 7, 2023.
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