Press Release

Inc. Magazine Names Vestwell One of America's Fastest-Growing Private Companies

Issued by Vestwell

Aug. 16, 2022

NEW YORK  -- Today, Inc. Magazine announced that Vestwell, the modern fintech engine powering savings and investment programs for small businesses and individual savers, is number 435 on its annual Inc. 5000 list, the most prestigious ranking of the fastest-growing private companies in America. The list represents a one-of-a-kind look at the most successful companies within the economy’s most dynamic segment—its independent businesses. Facebook, Chobani, Under Armour, Microsoft, Patagonia, and many other well-known names gained their first national exposure as honorees on the Inc. 5000.

To meet industry demand, Vestwell’s business has skyrocketed by over 2,000 percent over the past three years, with well over three times client growth alone in 2021. The firm’s modern technology sits at the intersection of financial services, payroll providers, and state partnerships.

“We are honored to be named one of Inc.’s Fastest Growing Companies. For Vestwell to be on this extremely competitive list alongside these innovative companies is humbling and surreal,” said Vestwell founder and CEO Aaron Schumm. “This award is a true testament to our relentless commitment to achieving our mission. While we still have a lot of work left to do, we have come a long way in closing the savings gap in this country, and I am grateful to my incredible team as well as our clients and partners who trust us to power their savings programs every day.”

Vestwell has clients in all 50 states, powers 75 percent of the active state-facilitated retirement programs, and has nearly 20 payroll integrations with the country’s leading providers including ADP, Quickbooks, and Rippling, serving as the exclusive 401(k) provider for Toast and Patriot Payroll. The firm also has partnerships with Franklin Templeton that delivers an advisor-managed account solution and Morgan Stanley at Work to power their small business clients. In 2022, Vestwell expanded its offerings to include 529 College Saving accounts, 529A (“ABLE”) programs, alongside payroll-deducted IRAs, with BNY Mellon. The firm powers nearly 25,000 businesses, over one million savers, and $27 billion in assets, while already on track to 3x client growth again in 2022.

“The accomplishment of building one of the fastest-growing companies in the U.S., in light of recent economic roadblocks, cannot be overstated,” says Scott Omelianuk, editor-in-chief of Inc. “Inc. is thrilled to honor the companies that have established themselves through innovation, hard work, and rising to the challenges of today.”

The companies on the 2022 Inc. 5000 have not only been successful, but have also demonstrated resilience amid supply chain woes, labor shortages, and the ongoing impact of COVID-19. Among the top 500, the average median three-year revenue growth rate soared to 2,144 percent. Together, those companies added more than 68,394 jobs over the past three years.

Complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, region, and other criteria, can be found at http://www.inc.com/inc5000. The top 500 companies are featured in the September issue of Inc. magazine, which will be available on August 23.

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About Vestwell Vestwell is the modern fintech engine powering savings and investment programs for small businesses and individual savers across the country. We’re helping to close the savings gap by offering a flexible, cost-effective, modern solution to save for the critical aspects of life - retirement, education, and healthcare. Vestwell currently powers nearly 25,000 small businesses, more than a million savers, and $27 billion in assets in all 50 states. To learn more visit vestwell.com.

More about Inc. and the Inc. 5000 Methodology Companies on the 2022 Inc. 5000 are ranked according to percentage revenue growth from 2018 to 2021. To qualify, companies must have been founded and generating revenue by March 31, 2018. They must be U.S.-based, privately held, for-profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2021. (Since then, some on the list may have gone public or been acquired.) The minimum revenue required for 2018 is $100,000; the minimum for 2021 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Growth rates used to determine company rankings were calculated to four decimal places. The top 500 companies on the Inc. 5000 are featured in Inc. magazine’s September issue. The entire Inc. 5000 can be found at http://www.inc.com/inc5000.

About Inc. The world’s most trusted business-media brand, Inc. offers entrepreneurs the knowledge, tools, connections, and community to build great companies. Its award-winning multiplatform content reaches more than 50 million people each month across a variety of channels including websites, newsletters, social media, podcasts, and print. Its prestigious Inc. 5000 list, produced every year since 1982, analyzes company data to recognize the fastest-growing privately held businesses in the United States. The global recognition that comes with inclusion in the 5000 gives the founders of the best businesses an opportunity to engage with an exclusive community of their peers, and the credibility that helps them drive sales and recruit talent. The associated Inc. 5000 Conference & Gala is part of a highly acclaimed portfolio of bespoke events produced by Inc. For more information, visit http://www.inc.com.

For more information on the Inc. 5000 Conference & Gala, visit http://conference.inc.com/.

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