UNest raises $26M Series B to help parents save for their kids’ expenses

UNest, a fintech startup that provides financial planning tools for parents saving on behalf of their children, announced today that it raised $ 26 million in Series B funding led by The Artemis Fund. Existing investor Northwestern Mutual Future Ventures participated alongside new investors including Franklin Templeton, Launchpad Capital, AltaIR Capital, OneWay Ventures, Unlock Venture Partners and Square co-founder Jim McKelvey. Franklin Templeton’s head of U.S. marketing, Jennifer Ball, will join UNest’s board.

The round brings UNest’s total funding from investors to $ 40 million. It plans to use the proceeds to launch new features, including UNest Legacy, which will allow parents to buy individual stocks and cryptocurrencies in the accounts they manage for their children.

Currently, UNest users, who are parents typically in the 30−35 age range, can only invest in ETFs through the platform. UNest Legacy is expected to launch in the second quarter of next year in response to user demand for more control over their holdings and access to crypto in particular, CEO and founder Ksenia Yudina told TechCrunch.

UNest plans to partner with Franklin Templeton to introduce ESG portfolios to its users early next year, Yudina said. The company’s expansion into providing individually managed account offerings and educational content about investing reflects a broader demand from investors to actively manage their holdings based on their personal goals and values.

The Series B news comes on the heels of a high-growth year for UNest. It registered as a broker-dealer, acquired two companies and added 300,000 users to its platform in 2021, bringing its total user count to 400,000. UNest plans to serve 1 million users by the end of next year, Yudina said.

Published by Techcrunch — on November 17, 2021