DPL Monetary Companions, a platform for commission-free annuities, has raised $23m in a Sequence C funding spherical.
The funding spherical, which was oversubscribed, was led by Eos Ventures with contributions from TIAA Ventures and different insurance coverage traders.
This marks the primary investments for the corporate by insurers.
The corporate has belongings of greater than $3.7bn on its platform and has delivered $68m in product charge financial savings to customers by its commission-free mannequin since its market debut in 2018.
TIAA Ventures chief funding officer Wayne Baker mentioned: “DPL presents a disruptive and modern platform for lifetime earnings. We sit up for working alongside David and his group to shut retirement gaps and ship on TIAA’s mission to make sure financially safe retirements for hundreds of thousands extra folks.”
FT Companions provided monetary recommendation to DPL for the transaction.
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DPL founder and CEO David Lau mentioned: “It has been thrilling to see such sturdy curiosity from business specialist traders and strategics who’re investing in DPL due to the innovation we’re driving within the business.
“Having the assist of main insurers validates our enterprise thesis, and we’re aligned in our dedication to deliver disruptive merchandise and know-how to market that empower advisors as fiduciaries and put traders first.”
In July this yr, DPL exceeded $3bn in gross sales.
The latest $1bn was attained in underneath half the period required to progress from $1bn to $2bn in transaction quantity.
DPL presents options from carriers on to registered funding advisors, their purchasers and customers.
The corporate’s proprietary instruments and embedded know-how inside wealth administration platforms empower registered funding advisors to combine insurance coverage and annuities into their service choices, offering an method to shopper monetary administration.
