Pontera, the technology provider known for providing secure tools for managing held away assets in 401(k)s, 403(b)s and HSAs, announced this week it raised an additional $60 million in capital led by new investor ICONIQ Growth.
Previous investors Blumberg Capital, Collaborative Fund, Hanaco Ventures, Lightspeed Venture Partners and The Founders Kitchen also participated in the fresh round.
The latest funds brings Pontera’s total capital raised to $160 million.
ICONIQ Growth is perhaps best known as the venture capital and private equity investing arm of ICONiQ Capital, the investing and family office with a raft of well-known technology principals including Facebook—now Meta—founder Mark Zuckerberg, Twitter’s Jack Dorsey and LinkedIn CEO Jeff Weiner.
The firm has a diverse investment portfolio of dozens of companies that range across the consumer, healthcare and FinTech sectors. These include such well known brands as Airbnb, Flipkart, GoodRx, Snowflake, Wayfair, Warby Parker, Uber, and Zoom, as well as Bill.com, Clara, Robinhood and Wealthsimple on the financial services side.
According to Pontera, thousands of financial advisors now use the firm's platform to securely manage 401(k), 403(b) and other retirement plan assets for end clients. Accessing these accounts was traditionally, difficult and advisors routinely were forced to use clients' personal login credentials.
The Pontera platform is client-permissioned but advisors do not retain the credentials, giving them the ability to analyze and rebalance retirement plan accounts and other held-away accounts.
Pontera has integrations with many of the largest portfolio management and reporting platforms, including Addepar, Advyzon, Envestnet | Tamarac, GeoWealth, Morningstar Office, Orion, SS&C (Black Diamond Wealth Platform, APX, Axys and Geneva), and others.
Among Pontera’s user base are advisors at Benjamin Edwards, Carson Group, CoastalOne, Dynamic Advisor Solutions, Dynasty Financial Partners, OneDigital, Priority Financial Group, SageView Advisory Group, Savant Wealth, Wealthspire and others.
Previously known as FeeX, the firm underwent a pivot in February 2022 from its roots as a direct-to-consumer play known mainly for its automated 401(k) analysis technology into an enterprise offering as Pontera.
The firm also at that time announced it had raised $80 million led by Lightspeed Ventures.
