DPL Gains New Insurance Industry Investors

By John Manganaro

News December 03, 2024 at 04:11 PM

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DPL Financial Partners, the commission-free annuity distribution platform provider, has secured a round of funding from a group of new strategic investors.

The $23 million round was led by Eos Ventures and included participation by TIAA Ventures, among other organizations. It represents the firm’s first direct investments by insurers.

“Having the support of leading insurers validates our business thesis,” David Lau, DPL founder and CEO, said in a statement. “We are aligned in our commitment to bring disruptive products and technology to market that empower advisors as fiduciaries and put investors first.”

Galen Shaffer, a principal at Eos Ventures, will join DPL’s board of directors.

“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,” Shaffer said. “We’ve been impressed by DPL’s growth trajectory and leadership position in connecting RIAs with fee-based annuities.”

Wayne Baker, chief investment officer at TIAA Ventures, cited DPL’s “disruptive and innovative platform” as key drivers of the investment.

“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.” Baker said.

As of late 2024, DPL has $3.7 billion in assets on its platform.

Pictured: David Lau

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