Financial wellness benefit platform for employees Northstar has raised $24.4 million in a funding round joined by PayPal Ventures and Thomson Reuters Ventures.
GGV Capital led the round, with participation from Canvas Ventures, M13, Workday Ventures, Parade Ventures, Foundation Capital, Designer Fund, and RRE.
Northstar’s financial wellness programme combines a set of tools and one-on-one financial advisors to guide employees through different financial and life situations so they can put their salary to best use.
The firm says its average enrolment rate is 50% and that employee members report an 83% average improvement in financial stress after meeting with their personal Northstar advisor.
The new funding will be used to expand operations from 18 countries to more than 30 by the end of 2023.
Will Peng, CEO, Northstar, says: “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.”