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

UNest, a#nbsp;fintech startup that provides financial planning tools for parents saving on#nbsp;behalf of#nbsp;their children, announced today that it#nbsp;raised $#nbsp;26 million in#nbsp;Series B#nbsp;funding led by#nbsp;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 $#nbsp;40 million. It#nbsp;plans to#nbsp;use the proceeds to#nbsp;launch new features, including UNest Legacy, which will allow parents to#nbsp;buy individual stocks and cryptocurrencies in#nbsp;the accounts they manage for their children.

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

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

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

Published by Techcrunch#nbsp;— on#nbsp;November 17, 2021