Human Interest Lays Public-Ready Foundation With $267M in Financings, New Key Hires, and New Board Members
2024年7月18日 - 4:00AM
Human Interest, the fastest-growing 401(k) provider1, today
announced significant steps towards public company readiness with
financings of $267M2 and key hires and board appointments, all of
whom share deep, first-hand experience taking companies public.
Latest raise
The fundings include a previously unannounced Series E raise led
by Marshall Wace and Baillie Gifford, bringing Human Interest to
more than $700M in total primary and secondary financings.3
The U.S. is facing an undeniable retirement gap. “America’s
aging population combined with continued pressure on social
security reserves are creating a tremendous need for better, more
accessible retirement solutions. And yet approximately half of
Americans lack any retirement savings,” says Steve Binetter,
Portfolio Manager at Marshall Wace. “We believe Human Interest can
play a vital role in satisfying this hugely underserved market by
providing a combination of customer-centric, low-cost, and
easy-to-use products. We are excited to partner with Human
Interest.”
Adds Robert Natzler, Portfolio Manager for Baillie Gifford, “We
believe in supporting extraordinary businesses that deploy
technology to solve real problems. Human Interest is exactly that
kind of company. It has found a new way to viably serve a large
segment of the US population who were previously out of reach for
retirement providers.”
This latest raise was designed to bring additional top-tier
public equity investors onto the cap table. Human Interest is
approaching cash flow break-even and has enough cash on the balance
sheet to fund continued 70%+ year-over-year growth without
additional capital.4
New CFO and CAO hires
Tripp Faix has joined the Human Interest team as Chief Financial
Officer. Prior to Human Interest, Faix was the CFO at Mambu, a core
banking software provider based in Amsterdam, Netherlands. Faix was
also the CFO at Marqeta, a modern card issuing platform, based in
Oakland, California, where he led their $15B initial public
offering.
Jeff Buckley has also joined the Human Interest finance team as
Chief Accounting Officer. Buckley’s past roles include CAO of
Palantir and Zynga, where he was a key leader in public company
readiness initiatives.
New board members: Leslie Stretch and Roxanne
Oulman
Human Interest also announced two new appointments to its board
of directors with strong IPO experience: Leslie Stretch and Roxanne
Oulman. Stretch was previously the CEO of CallidusCloud and
Medallia, both of which he took public. Oulman was the CFO of
CallidusCloud and Medallia during their IPOs.
Growth trajectory - path to public company
readiness
Human Interest has already become the primary 401(k) provider in
approximately 70% of the top 100 U.S. payroll systems5. In 2023,
Human Interest sold approximately 20% of all new 401(k) plans in
the U.S., and expects to sell over 25% this year6.
Human Interest has over a million employees on its platform and
passed $100M in annual recurring revenue earlier this year. Revenue
growth of approximately 70% YoY is expected in 2024.7
“As we continue to revolutionize the retirement industry, we’re
being very deliberate about how we build out our cap table,
leadership team, and board,” says Jeff Schneble, CEO of Human
Interest. “We have a short list of investors we want to partner
with now and in our future as we look towards becoming a public
company. Baillie Gifford and Marshall Wace were both at the top of
the list and we’re grateful to have their support. Likewise, we
look forward to our new hires and board members applying their deep
IPO experience in the years ahead.”
Learn more about how Human Interest makes it easy and affordable
for businesses to help employees save for retirement:
https://humaninterest.com/.
About Human Interest
Human Interest Inc. is a full-service 401(k) and 403(b) provider
that seeks to make it easy and affordable for small and
medium-sized businesses to help their employees save for
retirement. Founded in 2015 and headquartered in San Francisco,
Human Interest has helped employees at 25,000+ companies access
retirement benefits and a path to financial independence. For more
information, please visit humaninterest.com.
This press release contains forward-looking statements about the
future development of Human Interest. Forward-looking statements
are subject to known and unknown risks, uncertainties and other
factors that could cause actual results to differ materially from
those expressed or implied by such statements. Human Interest
assumes no liability for updating such statements in light of new
information or future events.
Media Contact:Maura LaffertyFirebrand
Communications for Human
Interesthumaninterest@firebrand.marketing
________________________
1 Human Interest calculations using data from "Provider
Rankings" included within the Plan Sponsor 2022 and 2023
Recordkeeping Surveys.
2 Includes primary and secondary equity financings and an
extension of the company’s credit facility.
3 Includes the company’s credit facility.
4 Human Interest FY 2024 Operating Plan as of February
2024.
5 Human Interest estimates as of June 2024 based on the size of
the employee base covered by the payroll systems; primary refers to
where Human Interest is a preferred provider.
6 Calculation based on an independent analysis of
recordkeepers reporting to PLANSPONSOR as of 12/31/23 and/or the
National Association of Plan Advisors as of 6/30/23. Human Interest
estimates these sources cover over 98% of industry-wide 401(k)
plans, verified against Department of Labor Form 5500 Pension Plan
Bulletins data extracted on 7/26/23 using data as of 2021. 2023
estimates calculated by subtracting prior-year numbers from the
total number of 401(k) plans self-reported by each recordkeeper in
the current data release.
7 Human Interest FY 2024 Operating Plan as of February
2024.