Financial Wellness Startup Origin Secures $56 mln In Funding
Origin, a San Francisco-based financial wellness startup, has raised $ 56 million in Series B funding to continue supporting the financial health of its employees.
The funding round brings the startup’s valuation to $ 400 million, with total funding of over $ 68 million since its inception in 2018. The round was jointly chaired by Dick Costolo and Adam Bains 01A, General Catalyst and Lachy Groom, with participation from existing investors Founders Fund, Felicis Ventures and Abstract Ventures.
The new funds will allow the start-up to accelerate its expansion and product innovation to meet the growing demand for financial planning advantages. With the Covid19 pandemic having a huge impact on the financial stress of billions of employees worldwide, Origin aims to provide advice and validation of financial decisions to improve financial wellbeing. Dick Costolo, managing partner and co-founder of 01A, referred to the firm’s involvement with the words:
“As a former CEO, I’ve seen firsthand how money affects employee anxiety. Historically, financial planning has only been available to a small group of wealthy people. In this time of great uncertainty, Origin is making financial planning available to employees exactly when they need it, and its explosive growth proves that employees crave this financial advice and take full advantage of these benefits when offered. “
The startup’s technology is already being used by companies like DocuSign, Zynga, Nextdoor, and Blend to empower employees to better understand and utilize their compensation and benefit packages, as well as to improve their overall financial wellbeing through the comprehensive and personalized money management platform Advice . Preeti Nadendla, Benefits and People Operations Analyst at Blend, referred to the impact of the platform with the words:
“At Blend, we strive to ensure our team has the support they need to be happy at work and at home, so they can look at their best every day. Origin is a key asset for our employees as financial stress can affect mental health and general wellbeing. Our team benefits so much from the Origin platform because it not only offers personalized financial advice, but also helps employees fully understand and utilize their entire compensation and benefits package. “
The financial wellbeing startup has become an increasingly important player in the industry by providing a solution that can be used by employees of all incomes and assets, helping them achieve their financial goals in the short and long term.