Vestwell Recognized on the 2023 Inc. 5000 for the 2nd Consecutive Year
With a three-year revenue growth of over 1,000 percent, Vestwell ranks among America’s Fastest-Growing Private Companies
NEW YORK, NY, August 15, 2023 – Inc. revealed today that Vestwell ranks number 597 on the 2023 Inc. 5000, its annual list of the fastest-growing private companies in America. The prestigious ranking provides a data-driven look at the most successful companies within the economy’s most dynamic segment—its independent, entrepreneurial businesses. Facebook, Chobani, Under Armour, Microsoft, Patagonia, and many other household name brands gained their first national exposure as honorees on the Inc. 5000.
“It’s an honor to have Vestwell awarded Inc.’s Fastest Growing Companies for the second year in a row,” said Vestwell founder and CEO Aaron Schumm. “The momentum we’re seeing is astounding, coupled with the recent federal and state-level legislative initiatives to propel the savings industry. Vestwell’s continued accelerated growth has placed us in the top 12 percent of all companies listed, which is a testament to our technological innovation and relentless team focused on solving the expanding needs of small businesses and individuals seeking modern and affordable savings opportunities.”
The Inc. 5000 class of 2023 represents companies that have driven rapid revenue growth while navigating inflationary pressure, the rising costs of capital, and seemingly intractable hiring challenges. Among this year’s top 500 companies, the average median three-year revenue growth rate ticked up to an astonishing 2,238 percent. In all, this year’s Inc. 5000 companies have added 1,187,266 jobs to the economy over the past three years.
For complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, location, and other criteria, go to www.inc.com/inc5000. The top 500 companies are featured in the September issue of Inc. magazine, available on newsstands beginning Tuesday, August 23.
“Running a business has only gotten harder since the end of the pandemic,” says Inc. editor-in-chief Scott Omelianuk. “To make the Inc. 5000—with the fast growth that requires—is truly an accomplishment. Inc. is thrilled to honor the companies that are building our future.”
The award comes on the heels of several significant industry partnerships for Vestwell, including global financial leader J.P. Morgan, mega RIA Carson Group, payroll provider Asure, and a strategic partnership with Silver Lake Waterman. Vestwell has been instrumental in the growth of the state savings industry, powering over 30 state savings programs across automatic IRAs, 529 College Savings, and ABLE programs. The company continues to innovate and expand its savings offering for small businesses and individuals across the country. Most recently, Vestwell acquired Gradifi Solutions, a student loan benefits provider from Morgan Stanley at Work.
As part of Vestwell’s continued growth, the company is hiring across product development, engineering, sales, and marketing teams. Explore open opportunities at www.vestwell.com/careers.
More about Inc. and the Inc. 5000
Methodology
Companies on the 2023 Inc. 5000 are ranked according to percentage revenue growth from 2019 to 2022. To qualify, companies must have been founded and generating revenue by March 31, 2019. They must be U.S.-based, privately held, for-profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2022. (Since then, some on the list may have gone public or been acquired.) The minimum revenue required for 2019 is $100,000; the minimum for 2022 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Growth rates used to determine company rankings were calculated to four decimal places.
About Inc.
Inc. Business Media is the leading multimedia brand for entrepreneurs. Through its journalism, Inc. aims to inform, educate, and elevate the profile of our community: the risk-takers, the innovators, and the ultra-driven go-getters who are creating our future. Inc.’s award-winning work reaches more than 50 million people across a variety of channels, including events, print, digital, video, podcasts, newsletters, and social media. Its proprietary Inc. 5000 list, produced every year since 1982, analyzes company data to rank the fastest-growing privately held businesses in the United States. The recognition that comes with inclusion on this and other prestigious Inc. lists, such as Female Founders and Power Partners, gives the founders of top businesses the opportunity to engage with an exclusive community of their peers, and credibility that helps them drive sales and recruit talent. For more information, visit www.inc.com.
