Northstar Raises $24.4M in New Funding Round Joined by PayPal

Northstar, the financial wellness benefit for employees, announced it has raised $24.4 million in new funding led by GGV Capital and joined by new investors PayPal Ventures, Thomson Reuters Ventures, and Canvas Ventures. Existing investors M13, Workday Ventures, Parade Ventures, Foundation Capital, Designer Fund, and RRE also participated, bringing Northstar's total funding to $40 million. 

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Northstar's financial wellness program guides employees through different financial and life situations, and helps companies support their teams at scale through onboarding, open enrollment, equity events, and more. 

"Financial wellbeing is a universal challenge, and today we face a dizzying array of complex decisions and tradeoffs, from understanding debt paydown strategies to making retirement contributions," said Will Peng, CEO and Co-Founder of Northstar. "By working with employers, we are able to solve a problem for both the employee and the employer, as work is the decision point for so many financial and life choices. Northstar is bringing different types of advice under one roof: financial, benefits, equity, salary."

"Financial advice as a service has been around for many years, yet many consumers do not have access to financial advisors, creating a huge market," said Hans Tung, managing director at GGV Capital and Northstar board member. "We at GGV share Northstar's vision that financial wellness should be universal for all employees. It is the next highly sought after employee benefit after mental health. Will has built an incredible team to take on this game-changing opportunity."