DPL Financial Partners, a platform for commission-free annuities, has raised $23m in a Series C funding round.
The investment round, which was oversubscribed, was led by Eos Ventures with contributions from TIAA Ventures and other insurance investors.
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This marks the first investments for the company by insurers.
The company has assets of more than $3.7bn on its platform and has delivered $68m in product fee savings to consumers through its commission-free model since its market debut in 2018.
TIAA Ventures chief investment officer Wayne Baker said: “DPL offers a disruptive and innovative platform for lifetime income. We look forward to working alongside David and his team to close retirement gaps and deliver on TIAA’s mission to ensure financially secure retirements for millions more people.”
FT Partners offered financial advice to DPL for the transaction.
DPL founder and CEO David Lau said: “It has been exciting to see such strong interest from industry specialist investors and strategics who are investing in DPL because of the innovation we are driving in the industry.
“Having the support of leading insurers validates our business thesis, and we are aligned in our commitment to bring disruptive products and technology to market that empower advisors as fiduciaries and put investors first.”
In July this year, DPL exceeded $3bn in sales.
The recent $1bn was attained in under half the duration required to progress from $1bn to $2bn in transaction volume.
DPL offers solutions from carriers directly to registered investment advisors, their clients and consumers.
The company’s proprietary tools and embedded technology within wealth management platforms empower registered investment advisors to integrate insurance and annuities into their service offerings, providing an approach to client financial management.
