As Vestwell, a savings and investment platform backed by Goldman Sachs, looks to expand its product offerings, the company will have an easier time of it after raising $125 million in a new funding round.

The investment was led by Lightspeed Venture Partners, according to a statement released on Thursday. People familiar with the matter said the transaction has given the fintech company a $1 billion valuation. The sources spoke on condition of anonymity due to the fact they were discussing confidential information.

The company declined to comment on the report of its valuation.

The company was founded by Aaron Schumm in 2016 and on its website describes itself as a cloud-based record-keeping platform which helps clients to more easily offer, administer and access workplace investment and savings programs. In 2019, Goldman led its series B funding, and two years later participated again in another round.

According to the statement, the series D round saw existing investors Fin Capital, Primary Venture Partners and FinTech Collective, and new investors Blue Owl and HarbourVest all participate. Justin Overdorff, a Lightspeed partner, is now on the board of Vestwell.

In an interview, Chief Executive Officer Schumm said it is likely the company will turn profitable in the next 18 months, and there is a “very real possibility” that there will be an initial public offering.

With 350 employees, Vestwell hopes to use the new funding to give a boost to its sales and engineering teams, as well as produce new products, like emergency and health savings accounts.