SoftBank invests $200 million in startup that helps businesses save for retirement


Aug 4 - Human Interest, a startup that helps businesses save for retirement, said on Wednesday it had raised $200 million in a round led by TPG's The Rise Fund and joined by SoftBank Vision Fund 2, an investment valued at $1 billion.

The investment comes ahead of the company's preparation for an initial public offering, with Mike Armsby already named as its Chief Financial Officer. Armsby led the IPO of the information technology company Yodlee which has since delisted.

Human Interest, founded in 2015 in San Francisco, provides 401 plans with zero transaction fees. It works with small and medium-sized businesses to offer low-cost retirement plan to their employees.

The funding round also saw participation from new investor Crosslink Capital, a San Francisco-based venture capital firm. In the round, existing investors including Glynn Capital and NewView Capital included.

Human Interest will add 200 employees nationwide by the end of the year, it said. It has already doubled its headcount to 350 over the last 12 months.

The company has raised now $305 million over the last 12 months, it said.