PayPal Ventures Invests in Northstar

New investors include GGV Capital, PayPal Ventures, Thomson Reuters Ventures and Canvas Ventures. As of December 2020, Northstar has grown its customer base by more than 600%, supporting innovative organizations such as Snap, Zoom, 23andMe, Virgin Orbit and NerdWallet.

Los Angeles, October 13, 2022 – Northstar, the financial wellness benefit for employees, announced today that it has raised $24.4 million in new funding, led by GGV Capital and backed by new investors PayPal Ventures, Thomson Reuters Ventures and Canvas Ventures . Existing investors M13, Workday Ventures, Parade Ventures, Foundation Capital, Designer Fund and RRE also participated, bringing Northstar’s total funding to $40 million.

Northstar logo

Northstar’s Financial Wellness program guides employees through various financial and life situations and helps companies empower their teams at scale through onboarding, open enrollment, stock events and more. The additional capital will allow the company to expand its products and global reach to advance Northstar’s mission of achieving 100% financial wellbeing. Employees in 18 countries can now work with Northstar, and the company plans to expand to over 30 countries by the end of 2023.

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Creating and maintaining financial stability is becoming a growing challenge in today’s economic environment, compounded by record high inflation and labor market volatility. Today, 42% of high earners make more than $100,000 a year and 70% of millennials live paycheck to paycheck. Financial advice has become a basic need for Americans, but the traditional model for obtaining financial advice usually requires individuals to choose between quality and cost. Northstar eliminates this tradeoff by redefining financial wellbeing and delivering it at scale through employers, the primary source of most wealth creation.

“Financial wellbeing is a universal challenge, and today we face a dizzying array of complex choices and tradeoffs, from understanding debt repayment strategies to paying retirement contributions,” said Will Peng, CEO and co-founder of Northstar. “By working with employers, we are able to solve a problem for both the employee and the employer as work is the deciding point in so many financial and life decisions. Northstar brings different types of advice under one roof: finance, benefits, equity, salary.”

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Northstar has developed a new suite of advisory tools to support individuals in today’s financial environment. Rather than using the traditional call center model, Northstar employs full-time in-house financial advisors (CFP®) and matches each employee 1-to-1 with a personal Northstar advisor with whom they work on an ongoing basis. Northstar empowers both its financial advisors and employees with technology through a proprietary suite of personal finance and total compensation tools. Members of Northstar employees report an average 83% improvement in financial stress after meeting their personal Northstar financial advisor (Northstar Member Survey, 2022).

“Financial advice as a service has been around for many years, but many consumers do not have access to financial advisors, creating a huge market,” said Hans Tung, managing director at GGV Capital and a Northstar board member. “At GGV, we share Northstar’s vision that financial well-being should be universal for all employees. It is the next coveted employee benefit after mental health. Will has built an incredible team to take advantage of this groundbreaking opportunity.”

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Innovative employers like Snap, Zoom, 23andMe, Virgin Orbit and NerdWallet partner with Northstar to communicate the value of their total rewards and help employees take action on their rewards to support their life goals. Employees take advantage heavily as Northstar’s average enrollment rate is 50% compared to the average 15-30% reported by competitors and their former employer clients. Northstar is proud to have a 100% retention of every employer customer who has offered the benefit to their company.

About Northstar

Northstar is a financial wellness benefit for employees. With innovative fintech tools and a team of in-house financial advisors, Northstar helps employees get the most from their total rewards and make financial decisions with confidence. Northstar guides associates through a variety of financial and life situations, showing them the full value of their compensation, equity and achievements. Northstar provides employees with one-on-one financial and performance advice that helps companies increase engagement and support their teams at scale with onboarding, open enrollments, stock events and more. Visit for more information.


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