Pontera Raises $60M Led by ICONIQ Growth for Retirement Fund Management Software

New York-based fintech startup Pontera secures $60 million in funding, led by investment firm ICONIQ Growth, valuing the company at over $550 million. Including previous rounds, Pontera has raised a total of $160 million, with backing from Lightspeed Venture Partners and Blumberg Capital.

Pontera's software is utilized by financial advisors like Dynasty Financial Partners and SageView Advisory Group to monitor, assess, and rebalance various retirement plans across different financial institutions. Co-founder and CEO Yoav Zurel plans to use the funds to hire 50 more people in Israel, focusing on engineering and product development to support the company's growth in the US retirement market.

With 220 employees, 65% based in Israel, Pontera intends to expand its global team. Zurel highlights the company's focus on serving the US retirement saver, addressing the need for secure management of 401(k) plans, which represent a significant portion of the $37.2 trillion US retirement market.

According to Yoonkee Sull, partner at ICONIQ Growth, Pontera enables advisers to safely manage held-away assets in compliance, addressing a previous challenge in making optimal choices with 401(k) plans.