I’m thrilled to officially announce our $19 million Series B fundraise, led by RRE Ventures with participation from existing and new investors including Canapi Ventures, Bling Capital, and Industry Ventures.
We launched Capitalize in 2020 with the clear mission to help Americans better save for retirement. As helpful as 401(k) accounts have been, we believed that the friction in having retirement accounts tied to jobs was leading people to do the wrong thing with their assets at the point of job change, like cashing out their assets or unknowingly leaving them behind.
So we set out to help. We launched a platform to help individuals and their financial institutions digitally locate left-behind 401(k)s and transfer them more easily into an account of their choice. In doing so, we took on one of the least-loved parts of modern personal finance: the “rollover process” for transferring retirement accounts, which had never been modernized and instead relied on a patchwork of forms, phone calls, faxes, notaries and checks.
Four years in, we’re proud of the progress we’ve made. Since launching, our platform has scaled rapidly and is now processing several billion dollars in rollovers each year, having grown 6x in the last 18 months alone. We’ve helped well over a million users with some aspect of their retirement savings, from finding old accounts to comparing new ones, and consolidating so they can better keep track of their assets. We’re deeply grateful for their trust.
Importantly, we’ve developed modern APIs that now embed our technology directly into the applications of our partners through our Enterprise business. We’re now helping some of the best financial institutions in the world: we’re honored to support them as they better serve their users and grow their businesses — together we’re helping many more Americans get their retirement savings on track.
We have more work to do, and our talented, mission-driven team is energized to do it. This capital will enable us to continue modernizing the rollover process, scale our Enterprise relationships, and serve more partners and users. We also know that there are other critical problems to solve in the market, and we’re excited to tackle them.
We thank all our users, partners, and team members for joining us on the journey so far. We’re excited for all that’s ahead.
