American college savings app UNest has raised $26m in a Series B funding round led by the Artemis Fund.

The round also saw participation from existing investor Northwestern Mutual Future Ventures, Franklin Templeton, AltaIR Capital, Launchpad Capital, OneWay Ventures and Unlock Venture Partners, among others.

UNest, which allows parents to invest and save for their children, will use the funding to accelerate its growth and launch new offerings such as UNest Legacy.

UNest founder & CEO Ksenia Yudina said: “Having major financial institutions such as Northwestern Mutual and Franklin Templeton invest in this round validates what we are building and is indicative of where they believe the industry is headed. We set out to create a system where everyone has the opportunity to participate and thrive and we intend to continue to follow through on that promise.”

UNest, which recently acquired Littlefund and Kidfund, seeks to democratise access to financial resources by allowing customers to open an account with no paperwork.

It also provides access to features such as gifting, which allows family and friends to contribute directly to a child’s account.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

Tick here to opt out of curated industry news, reports, and event updates from Retail Banker International.

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The Artemis Fund general partner & co-founder Leslie Goldman said: “The Artemis Fund is on a mission to diversify wealth by investing in iconic female founders like Ksenia. Her tremendous vision and ability to meet and exceed targets have impressed us since the moment we met her. We are her unwavering partner in democratizing access to financial stability and freedom for the next generation.”