Chicago-based digital advice company NextCapital has raised $30 million in new financing, bringing its total funding to $85 million, according to BuiltinChicago.org.
The round was led by FP Credit (part of global investment firm Francisco Partners). Other firms, including Oak HC/FT and IA Capital Group, also participated, though details were not disclosed.
The funds are slated to expand operations and further develop its technology, which includes both self-service and intermediary models. For enterprise clients, the firm provides white-label, full-stack digital advice technology that is meant to scale. It has built-in financial planning and support for plan advisors, as well as connectivity to retail custodians and 401(k) record-keeping systems.