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.
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...