By | November 30, 2022
Human Interest and BlackRock join efforts to expand access to retirement plans for working Americans

Human interest

Human interest

Human Interest has so far secured approximately $500 million in funding

NEW YORK and SAN FRANCISCO, Jan. 13, 2023 (GLOBE NEWSWIRE) — Human Interest and BlackRock announced today that the companies will join efforts to expand access to retirement plans to small and medium-sized businesses across the United States. BlackRock Inc. (NYSE: BLK) is making a minority investment and leading a financing round to support the next phase of Human Interest’s growth.

According to AARP, about 57 million people—nearly half of all employees ages 18-64 in the private sector—don’t have access to an employer-provided retirement or retirement savings plan.1 This lack of access is heavily skewed for SMEs that do not offer pension plans due to high costs, complexity and administrative burden.

Human Interest addresses this problem by using technology to make it easy and affordable to set up and administer a retirement plan for businesses of all sizes. Human Interest was named a leader in the 401(k) software category by G2.2

Human Interest has seen over 400% growth in customer and revenue since the initial close of the company’s most recently announced funding in 2021. BlackRock’s investment will help the business continue to improve 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 a great team focused on providing high-quality retirement savings and investment options. We’re excited to work with BlackRock to find ways to put retirement within reach for millions of additional employees in the coming years,” said Jeff Schneble, CEO of Human Interest.

“Getting people on the path to a secure retirement is at the heart of BlackRock’s purpose, from pioneering mutual funds 30 years ago to managing retirement assets for more than 40 million Americans today.3 We look forward to helping Human Interest bridge the access gap,” said Anne Ackerley, head of BlackRock’s pensions group.

About human interest
Human Interest is an affordable, full-service 401(k) provider that seeks to make it easy for small and medium-sized businesses to help their employees save for retirement. Founded in 2015 and headquartered in San Francisco, Human Interest helps employees in all fields of work access retirement benefits and a path to financial independence. For more information visit humaninterest.com or follow us further LinkedIn.

About BlackRock
BlackRock’s purpose is to help more and more people experience financial well-being. As an investor fiduciary and a leading provider of financial technology, we help millions of people build savings that serve them for life by making investing easier and more affordable. For additional information about BlackRock, visit www.blackrock.com/corporate.

Human Interest Media Liaison
Maura Lafferty
415 848 9175
humaninterest@firebrand.marketing

BlackRock Media Contact
Barbara Williams
646 231 1626
barbara.williams1@blackrock.com

1 AARP (2022) Wages Deduction Retirement Program Build Economic security
2 As of September 22, 2022. To qualify, a product must be placed in the “Leader Quadrant” of the G2 Grid at the end of the quarterly evaluation period. The G2 Grid maps qualified businesses into quadrants based on user satisfaction and a market presence score that takes into account data from online sources, including, among other criteria, the amount of G2 reviews and web presence. A product must have ten reviews to be considered. At the time, four of the 15 products listed in the 401(k) software category qualified. During this period, Human Interest solicited customers for G2 reviews in exchange for a nominal gift card. Active solicitation and financial incentives will make a customer more likely to portray Human Interest positively. Recommendations may not be representative of the experiences of others and others. past success does not guarantee future results. G2 Grid is updated daily. Click here for the entire method.
3 Represents the estimated number of participants (active and retired) with access to BlackRock investment products through their US DC plan. Active participant data is retrieved from Brightscope (as of 12/31/20 or the plan’s most recently filed Form 5500), Census Annual survey and the federal government’s TSP meeting notes for November 2021. Retiree participant data is estimated based on BlackRock’s current AUM market share of the US DC industry using input from Quick facts about the census, CRS 2021 Reportand Cerulli “US Retirement End Investor Report 2022.”

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