College-Savings Fintech UNest Picks up NY-Based Savings App

Bernard Mendez
Bernard Mendez is an editorial intern at dot.LA. He attends UCLA, where he is pursuing a bachelor’s degree in applied mathematics. Mendez was previously an editor at the Daily Bruin, the student newspaper at UCLA.
Unest

UNest, a Los Angeles-based fintech company that helps parents save money for their kids' college tuition, announced Monday that it acquired another savings app with the hopes of expanding its user base.

The acquisition of New York-based Kidfund will increase UNest's user base by around 30,000 users, CEO Ksenia Yudina told the Los Angeles Business Journal.

Founded in 2018, UNest lets parents funnel money into tax-friendly investment accounts for their children. Investments made through UNest are similar to investing through a 529 plan, but the startup lets children use the funds on non-education expenses without incurring a financial penalty.

The service costs $3 a month — or $6 a month for a premium option — and lets users choose between investment strategies.

Yudina told dot.LA last year that she founded UNest after seeing her millennial friends struggle to figure out college savings plans for their children. UNest, she said, aims to use modern technology to make college saving simpler for a new generation of parents.

This isn't UNest's expansion-minded acquisition. In September 2020, the company acquired San Francisco-based company Littlefund in a move that also raised its user base by around 30,000 users.

Headquartered in North Hollywood, UNest raised $9 million in Series A funding last June, and said it saw increased usage over the COVID-19 pandemic after parents began to focus on long-term savings.

UNest did not disclose the terms of the deal, and did not immediately respond to a request for comment.

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LA Tech ‘Moves’: Mapp Gains New CPO and CTO, Prodoscore Taps Boeing Exec

Decerry Donato

Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

LA Tech ‘Moves’: Mapp Gains New CPO and CTO, Prodoscore Taps Boeing Exec
LA Tech ‘Moves’:

“Moves,” our roundup of job changes in L.A. tech, is presented by Interchange.LA, dot.LA's recruiting and career platform connecting Southern California's most exciting companies with top tech talent. Create a free Interchange.LA profile here—and if you're looking for ways to supercharge your recruiting efforts, find out more about Interchange.LA's white-glove recruiting service by emailing Sharmineh O’Farrill Lewis (sharmineh@dot.la). Please send job changes and personnel moves to moves@dot.la.

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This Week in ‘Raises’: GITAI Lands $30M, Steno Gains $15M

Decerry Donato

Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

Raises
Image by Joshua Letona

A local space robotics startup raised fresh funding to expand the flight model manufacturing facilities throughout the U.S. and increase employment, while a remote litigation platform raised more funding to continue growing its footprint in new markets across the country, develop service channels for its clients and continue expanding its tech team.

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Gitai Raises $30 Million to Expand Manufacturing Footprint in Los Angeles

Samson Amore

Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.

Gitai Raises $30 Million to Expand Manufacturing Footprint in Los Angeles
\u200bPhoto: Gitai

Space robotics company Gitai raised a $30 million Series B extension this week, bringing the total value of the round to roughly $47 million.

The funding will be used to further develop Gitai’s suite of space robots as well as build out its manufacturing footprint in Torrance. Previously Gitai announced it raised a $17.1 million Series B in March 2021; this additional raise is still part of that round.

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