Human Interest provides a 401(k) platform that automates plan administration by integrating with payroll systems and managing compliance requirements, making retirement savings accessible for small and medium-sized businesses. The service includes a unique cash-back incentive for eligible employees, financial education resources, and no transaction fees, addressing the challenge of retirement savings for lower-income workers.
Funding
$796.5M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
+5Founders
Product
Problem
Many small and medium-sized businesses (SMBs) lack the resources and expertise to effectively manage 401(k) plan administration and compliance, making it difficult for them to offer competitive retirement benefits to their employees. Traditional 401(k) plans often involve hidden transaction fees and complex paperwork, creating barriers to entry for both employers and employees. Lower-income workers, in particular, may struggle to prioritize retirement savings due to immediate financial constraints.
Solution
Human Interest provides a full-service 401(k) and 403(b) platform designed to automate plan administration and simplify retirement savings for SMBs. The platform integrates directly with existing payroll systems to streamline contributions and manage compliance requirements, including non-discrimination testing and IRS paperwork. Human Interest offers a transparent pricing model with no transaction fees and provides access to low-cost funds. To incentivize participation, the company offers a (k)ickstart program that provides eligible employees making $60,000 or less with a 3% cash-back incentive on their contributions, along with financial education resources.
Target Audience
Human Interest primarily targets small and medium-sized businesses (SMBs) across various industries, including startups, franchises, nonprofits, and restaurants, seeking to offer affordable and easy-to-manage retirement benefits to their employees.
Features
- Automated plan administration, including payroll synchronization, contribution processing, and compliance testing
- Integration with over 500 payroll systems, including Gusto, Rippling, and QuickBooks Online
- Customizable 401(k) plans with options for Traditional, Roth, safe harbor, and profit-sharing structures
- (k)ickstart program offering a 3% cash-back incentive for eligible employees earning $60,000 or less
- Financial education resources, including a 10-part video course designed for first-time savers
- Employee dashboard providing a 360-degree view of their retirement plan, participation, and contribution reports
- Access to low-cost investment funds and zero transaction fees
- Mobile-optimized experience with enrollment webinars available in Spanish and English