Origin, a financial wellness startup based in San Francisco, has raised $56 million in Series B funding to continue supporting employee financial health.
The funding round brings the startup’s valuation to $400 million with over $68 million in total funding having been raised since its founding back in 2018. The round was co-led by Dick Costolo and Adam Bain’s 01A, General Catalyst, and Lachy Groom, counting with participation from existing investors Founders Fund, Felicis Ventures, and Abstract Ventures.
The new funds will allow the startup to accelerate its expansion and product innovation to supply the increasing demand for financial planning benefits. With the Covid19 pandemic having a major impact on financial stress for billions of employees worldwide, Origin is looking to provide advice and validation of financial decisions to improve financial wellness. Dick Costolo, managing partner and co-founder of 01A, referred to the firm’s participation by stating:
“As a former CEO, I have seen firsthand the impact money has on employee anxiety. Historically financial planning has only been available to a small group of wealthy individuals. Origin is making financial planning accessible to employees exactly when they need it in this time of great uncertainty, and its explosive growth proves that employees are craving this financial advice and taking full advantage of these benefits when offered.”
The startup’s technology is already being used by companies like DocuSign, Zynga, Nextdoor and Blend, to provide employees with a means to better understand and utilize their compensation and benefits packages as well as improve their overall financial wellness via its comprehensive money management platform and personalized advice. Preeti Nadendla, benefits and people operations analyst at Blend, referred to the platform’s impact by saying:
“At Blend, we strive to ensure our team has the support they need to be happy at work and also at home, so they can show up as their best selves every day. Origin is a crucial benefit for our employees, as financial stress can be a detriment to mental health and overall wellness. Our team gets so much value out of Origin’s platform because it not only provides personalized financial advice but also helps employees understand and utilize their entire compensation and benefits package to the fullest extent.”
The financial wellbeing startup has become an increasingly important player in the industry by providing a solution usable by employees of all incomes and net worth, helping them achieve their financial goals in the short and long term.