Goldman-Backed Vestwell Raises Funds at $1 Billion Valuation

Vestwell, a savings and investment platform backed by Goldman Sachs Group Inc., has raised $125 million in a new funding round as the startup seeks to expand its product offerings.

Lightspeed Venture Partners led the investment, according to a statement on Thursday. The transaction gives the New York-based fintech firm a valuation of about $1 billion, people familiar with the matter said, asking not to be identified discussing confidential information.

A company representative declined to comment on the valuation.

Founded in 2016 by Aaron Schumm, Vestwell describes itself on its website as a cloud-based record-keeping platform that ...