Asset manager BlackRock Inc. and 401(k) services provider Human Interest are joining forces to expand access to retirement plans to small and midsize businesses nationwide.
BlackRock announced Friday it will make a minority investment in Human Interest, as well as lead a financing round to support the next phase of the company’s growth. Human Interest’s technology enables businesses of all sizes to set up and administer retirement plans.
Human Interest, which was founded in 2015, reported growth of more than 400% in the number of customers and revenue since the closing of the company’s last announced financing in 2021. BlackRock said its investment will help the business continue to enhance its technology platform capabilities and mature its operational processes and infrastructure.
“BlackRock has an amazing team focused on providing high-quality retirement saving and investment options," Jeff Schneble, CEO of Human Interest, said in a statement. "We are excited to work with BlackRock to find ways to bring retirement within reach of millions of additional workers in the coming years.”
The tax credit expansion included in the recently passed SECURE Act 2.0 has made this a busy time for purveyors of 401(k) solutions to private businesses. For example, Tuesday Vestwell announced its plans to provide a small-and-midsize business component to Carson Group’s Complete 401(k) offering that will allow advisors to better scale their retirement plan practices for businesses in that size range.
“Getting people on a path to a secure retirement is core to BlackRock’s purpose, from pioneering target-date funds 30 years ago to managing retirement assets for more than 40 million Americans today. We look forward to helping Human Interest close the access gap,” Anne Ackerley, head of BlackRock’s retirement group, said in a statement.
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