Financial wellness platform Origin raises $56m funding at $400m valuation

Employee financial wellness platform Origin has raised $56 million in Series B funding, taking the firm’s valuation up to $400 million.

Origin CEO and co-founder Matt Watson

The funding round was led by Dick Costolo and Adam Bain’s 01A, General Catalyst, and Lachy Groom, with participation from existing investors Founders Fund, Felicis Ventures, and Abstract Ventures.

The San Francisco-based company intends to use the cash to grow its platform and develop new products.

The firm says there has been an increase in demand for financial planning tools driven by the pandemic, with 63% of workers reporting an increase in financial stress since Covid-19 hit.

Origin’s money management platform aims to support employees and help them reach their financial goals, giving users access to financial literacy workshops and personalised advice.

Employees can use Origin to understand and utilise their compensation and benefits package, simulate equity growth scenarios, complete their taxes, plan for retirement, and pay off debt.

Origin CEO and co-founder Matt Watson says: “We already help hundreds of thousands of employees achieve their financial goals, and this capital will enable Origin to keep expanding its enterprise-grade products to support employees on a global scale.”