DPL Financial Partners raises $23 million
DPL Financial Partners, which offers a platform for commission-free annuities, announced the closing of a Series C funding round of $23 million in primary capital. The round was led by Eos Ventures and included participation by TIAA Ventures and other strategic insurance investors. The company raised ~$61 million prior to this round.
DPL operates an insurance marketplace for registered investment advisors, allowing them to incorporate insurance into their business. Advisors pay to join DPL’s network. More than 5,500 RIA firms have access to DPL’s insurance marketplace, either directly or through integrations with wealth management platforms.
DPL has $3.7 billion in assets on platform and claims to have saved consumers more than $68 million in product fees through its commission-free model since going to market in 2018.
“It’s been exciting to see such strong interest from industry specialist investors and strategics who are investing in DPL because of the innovation we are driving in the industry. Having the support of leading insurers validates our business thesis, and we are aligned in our commitment to bring disruptive products and technology to market that empower advisors as fiduciaries and put investors first.” – David Lau, DPL founder and CEO.
“We’ve been impressed by DPL’s growth trajectory and leadership position in connecting RIAs with fee-based annuities. As a firm, we’ve wrestled with the ‘annuity puzzle’ and we envision a future where technology, transparency, and fiduciary alignment can enable more individuals to access better income protection. DPL is at the forefront of annuity and insurance distribution innovation, and we’re excited to support their future expansion.” – Galen Shaffer, principal at Eos Venture Partners.
“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.” – Wayne Baker, chief investment officer, TIAA Ventures.
