Pontera Snags $60M Investment

Pontera’s push to help financial advisers connect to defined contribution retirement savings accounts has received further backing from investment company Iconiq Growth with a $60 million funding round, Pontera announced Thursday.

The investment brings Pontera’s total funding to $160 million and will go toward further building its platform with the goal of connecting advisers to 85 million workplace retirement accounts.

The relatively small technology firm has been penning deals with large registered investment advisories and retirement advisement shops, most recently with NFP’s Wealthspire Advisors LLC and earlier this year with Savant Wealth, which manages more than $20 billion in client assets, and Summit Financial LLC, with $9 billion in client assets.

“Pontera is addressing a growing market need with a solution that benefits the entire retirement ecosystem through a proven approach for financial advisors to compliantly and more effectively manage workplace retirement assets,” Yoonkee Sull, general parter in Iconiq, said in a statement. The firm has also penned integrations with wealth management platforms Addepar Inc., Envestnet Inc. and Morningstar Inc.

Pontera’s other funding partners include Blumberg Capital, Collaborative Fund, Hanaco Ventures, Lightspeed Venture Partners and the Founders Kitchen, according to the announcement.

According to Pontera, thousands of financial advisers are using its retirement plan access to “overcome operational hurdles to securely and compliantly manage 401(k), 403(b) and other retirement plan assets” along with the rest of their clients’ assets.