US-based fintech company Pontera has secured $60m in a funding round led by tech-focused direct investment platform ICONIQ Growth.

The new capital raises Pontera’s total funding to $160m. It will help the fintech firm to strengthen its commitment to meet the widespread neglect of workplace retirement accounts held by 85 million Americans.

ICONIQ Growth general partner Yoonkee Sull said: “We are proud to support the Pontera team as they empower advisors to help their clients feel more financially secure and retire with greater wealth.

“Pontera is addressing a growing market need with a solution that benefits the entire retirement ecosystem through a proven approach for financial advisors to compliantly and more effectively manage workplace retirement assets.”

Pontera’s previous fundraising took place in February 2022.

The new funding round also saw the participation of the company’s prior investors Blumberg Capital, Hanaco Ventures, Collaborative Fund, Lightspeed Venture Partners and The Founders Kitchen.

Established in 2012, Pontera enables 401(k) participants to receive comprehensive wealth management services from personal financial advisors.

The firm’s platform works across the vast majority of retirement plans and seamlessly integrates with existing portfolio management tools to support advisors in enhancing their clients’ financial outcomes.

According to Pontera, thousands of financial advisors are utilising the company’s platform to get over operational obstacles to safely and compliantly handle 401(k), 403(b) and other retirement plan assets as a critical part of their client’s wealth.

Pontera CEO Yoav Zurel said: “This funding is not just an investment in Pontera; it’s an investment in the future of every U.S. worker striving for a secure and fulfilling retirement.

“We are proud to partner with investors who recognise the nation’s looming retirement crisis and Pontera’s role in helping everyday families.”