Nest Egg, the niche wealth management software startup co-founded by Michael Church and Arden Miller, two classmates from the George School in Newtown, have raised $5 million in the latest financing round, writes Jeff Blumenthal for The Business Journals.

The financing round was led by OceanFirst Bank and Republic Bancorp.

Since last August, the Conshohocken firm has added nine new customers and plans to continue this growth. Before, the platform was only used by OceanFirst and Phoenixville Federal Bank & Trust.

The startup’s software platform combines robo-advising with one-on-one human interactions. Its services are targeted toward community banks and credit unions.

Nest Egg designed its product for customers who cannot invest enough funds to access high-net-worth financial advisors but who want more human interaction than that which is currently provided by online robo-advisors.

There is a possibility that Nest Egg will start pitching its service to wealth management firms, insurance companies, and other types of financial services firms.

“Right now we are focused on our core audience,” said Miller, the firm’s President. “But that’s something that we’re obviously very aware of and a strategic opportunity for us.”

Read more about NestEgg in The Business Journals.

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