San Francisco-based fintech platform Origin announced Monday that it raised $56 million in fresh financing. The Series B, led by 01A, General Catalyst and Lachy Groom, sent the company’s valuation soaring to $400 million. The raise couldn’t have come at a better time, too. Over the past 12 months Origin has witnessed a 6x increase in user growth, according to the company.
Origin aims to alleviate financial stress for employees around the world with its money management platform. Since the onset of the pandemic, 63 percent of working adults in the U.S. reported higher levels of financial stress, according to a study by PwC.
Origin provides employees with a range of tools to help them better understand their benefits, complete their taxes, simulate equity growth scenarios and more. Whether you’re fresh out of college and struggling with student debt or you’re already looking to maximize your retirement savings, Origin aims to meet the financial needs of employees at every stage of their career.
“Financial stress negatively impacts every area of life — including relationships, family, work and health,” Matt Watson, co-founder and CEO of Origin, said in a statement. “Employers are realizing that by investing in the financial wellbeing of employees, they can solve a host of other issues.”
In addition to its financial planning tools, Origin offers users the opportunity to attend financial literacy workshops or receive personal advice from the company’s financial advisors. A host of tech giants including DocuSign, Zynga, Blend and Nextdoor are signed on to the platform.
“We want to improve the financial wellbeing of every employee, no matter their income or net worth,” Watson continued.
Origin plans to use the additional capital to fuel product research and development as the company continues to expand its customer base.
The fintech platform has more than tripled its headcount since closing on its Series A last summer. Following the latest raise, Origin plans to continue the hiring momentum. The company is currently on the lookout for more than a dozen qualified candidates to join its customer success, operations, sales and product teams, to name a few.
Origin has raised $76.5 million in venture capital financing to date. Additional investors Founders Fund, Felicis Ventures and Abstract Ventures participated in the round, among others.
