Human Interest and BlackRock Join Efforts to Expand Access to Retirement Plans for Working Americans
- Personal Finance
- 18.01.2023 11:50 am
Human Interest and BlackRock today announced the firms will join efforts to expand access to retirement plans to small and medium-sized businesses across the United States. BlackRock Inc.is making a minority investment and leading a financing round to support the next phase of Human Interest’s growth.
According to the AARP, approximately 57 million people—nearly half of all employees ages 18-64 in the private sector—do not have access to an employer-provided pension or retirement savings plan. This lack of access skews heavily to small and medium businesses that do not offer retirement plans due to high costs, complexity, and administrative burden.
Human Interest is tackling this problem using technology to make setting up and administering a retirement plan easy and affordable for businesses of all sizes. Human Interest was named a Leader in the 401(k) software category by G2.
Human Interest has seen over 400% growth in the number of customers and revenue since the initial closing of the company’s last announced financing in 2021. BlackRock’s investment will help the business continue to enhance its technology platform capabilities and mature its operational processes and infrastructure. In addition, BlackRock will share its experience and expertise to help Human Interest fulfill its important mission.
“BlackRock has an amazing team focused on providing high-quality retirement saving and investment options. We are excited to work with BlackRock to find ways to bring retirement within reach of millions of additional workers in the coming years,” said Jeff Schneble, CEO of Human Interest.
“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,” said Anne Ackerley, Head of BlackRock’s Retirement Group.