Exclusive: Origin acquires estate planning startup MyAdvocate
Origin, which built a financial wellness app for employers, has acquired estate planning startup MyAdvocate, the company tells Axios exclusively.
Why it matters: Two-thirds of Americans don't have an estate plan in place, but this deal could make creating a will or trust an employee benefit.
Details: New York-based MyAdvocate has built technology that enables users to easily build an estate plan without hiring a lawyer.
- The company provides a step-by-step tool to walk users through the process of creating a will or trust.
How it works: Boston-based Origin works with employers to offer its financial planning and wellness app to their employees.
- The app helps employees better track, understand and manage their finances.
- Origin also offers users access to certified financial planners that give personalized advice so employees can reach their financial goals.
By the numbers: MyAdvocate had raised a little over $3 million in venture financing from Courtney Ventures at a $20 million valuation.
- Meanwhile, Origin raised $70 million in funding from 01 Advisors, Lachy Groom, General Catalyst, Founders Fund, Felicis and Abstract Ventures.
- Terms were not disclosed, but Origin founder and CEO Matt Watson said the deal was a mix of cash and equity.
The intrigue: Though MyAdvocate offered its estate planning tool to employers and financial advisers, its direct-to-consumer channel made up the bulk of its business, according to Watson.
- He says Origin will shut down MyAdvocate's DTC offering and integrate the startup's estate planning tool into its own platform to focus on the employer market.
Yes, but: Though consumers might no longer be able to create wills or trusts directly through MyAdvocate's platform, Origin plans to continue supporting those who have already used the platform.
Flashback: This is Origin's second acquisition in just a few months. In June, it bought financial education startup Finny to expand the content it could offer.