Human Interest extends Series C round
Human Interest, which helps small and medium-sized businesses set up 401K plans for employees, has extended its Series C funding round to $50 million due to more demand during the coronavirus crisis. The extended round, which added another $10 million, was led by Glynn Capital.
Headquartered in San Francisco, Human Interest offers a digital retirement benefits platform that allows companies to launch a full-service 401(k) and put it on autopilot “in minutes.” After the set up and customization, Human Interest sends an email to employees asking them to sign up, and after they do, they can find details about the plan, check balances, set up contributions, initiate rollovers, and take advantage of built-in investing. In addition to working directly with businesses, Human Interest also works with benefits brokers, CPAs, financial advisers and payroll providers.
According to Jeff Schneble, the company’s CEO, Human Interest has seen some of the strongest sales months in the company’s history. And while historically 85% of the company’s customers are looking to offer a retirement benefit for the first time, in the last couple of months there has been a surge of customers with existing retirement plans that want to move to a lower-cost benefit.