Northstar, a financial wellness benefit platform for employees, has successfully raised $24.4 million in a funding round featuring contributions from PayPal Ventures and Thomson Reuters Ventures.
GGV Capital led this funding round, with additional support from Canvas Ventures, M13, Workday Ventures, Parade Ventures, Foundation Capital, Designer Fund, and RRE.
Northstar offers a financial wellness program that includes a variety of tools and personalized financial advisors to assist employees in navigating various financial and life situations, enabling them to make the most of their salaries. The company reports an impressive average enrollment rate of 50%, with employee members experiencing an average 83% improvement in financial stress after consultations with their personal Northstar advisor.
The newly acquired funding will be used to expand Northstar’s operations from 18 countries to over 30 by the end of 2023.
Will Peng, CEO of Northstar, stated, “By working with employers, we are able to solve a problem for both the employee and the employer, as work is the decision point for so many financial and life choices. Northstar is bringing different types of advice under one roof: financial, benefits, equity, salary.”