Human Interest Revenue, Valuation, Funding & Investors

Human Interest is valued at $3B as of October 2025, a 15.0x multiple on its last reported $200M revenue.

Last Human Interest valuation

$3B

Undisclosed stage · Oct 2025

Last Human Interest funding round

$100M

Undisclosed stage · Oct 2025

Human Interest revenue

$200M

Undisclosed stage · Oct 2025

Key investors in Human Interest

  • Uncork Capital
  • Slow Ventures
  • BlackRock
  • Wing Venture Capital
  • Baillie Gifford
  • Marshall Wace

Human Interest Overview

About Human Interest

Human Interest is a San Francisco-headquartered digital 401(k) provider serving small and medium-sized businesses across the United States. Its automated platform manages plan setup, participant onboarding, payroll integrations with ADP and Gusto, and fiduciary compliance through daily valuations. The service offers Roth options, loans, and vesting schedules, enabling employers in all 50 states to sponsor affordable retirement plans.


Founded

2015

HQ

United StatesSan Francisco, CA

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Revenue

$200M (Oct 2025)

Valuation

$3B (Oct 2025)

Human Interest Valuation

Human Interest is currently valued at $3B, based on its undisclosed-stage round in October 2025.

The $100M round included Baillie Gifford, Marshall Wace, Morgan Stanley Tactical Value, BlackRock and TPG.

Human Interest's valuation has grown 3.0x from $1B at its Series D in August 2021 to $3B in October 2025, across 3 priced rounds.

Human Interest valuation by funding round

Revenue multiple
Human Interest valuation by funding round
DateStageValuationRevenue Multiple
Oct 2025Undisclosed stage$3B15.0x
Jul 2024Series E$1.3B13.3x
Aug 2021Series D$1B5.0x

Human Interest Revenue

Human Interest's latest recorded revenue is $200M, as of its undisclosed-stage round in October 2025. At a $3B valuation, that implies a 15.0x revenue multiple.

Revenue moved from $200M in August 2021 to $200M in October 2025, while the revenue multiple moved from 5.0x to 15.0x.

Human Interest revenue by funding round

Human Interest revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Oct 2025$200M$3B15.0xUndisclosed stage
Jul 2024$100M$1.3B13.3xSeries E
Aug 2021$200M$1B5.0xSeries D

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Human Interest Funding History

Human Interest has raised a total of $890M across 9 funding rounds.

Human Interest's first fundraising round was a $4M seed round in February 2016. The most recent completed round was a $100M undisclosed-stage round in October 2025.

Human Interest funding rounds

Human Interest funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Oct 2025Undisclosed stageBaillie Gifford; Marshall Wace; Morgan Stanley Tactical Value; BlackRock; TPG$100M$3BHuman Interest is a San Francisco-based 401(k) plan management platform serving small and medium-sized businesses. The company offers subscription-based SaaS services charging between $120–$180 per month plus $4–$8 per eligible employee, supplemented by revenue from a 0.5% take rate on approximately $2 billion in assets under management. In October 2025, Human Interest raised over $100 million at a $3 billion post-money valuation, with participation from investors including Baillie Gifford, BlackRock, Marshall Wace, Morgan Stanley, and TPG. The company projects to finish 2025 with approximately $200 million in annual recurring revenue, representing strong year-over-year growth driven by customer acquisition through 400+ payroll provider partnerships and direct sales efforts targeting SMBs. CEO Jeff Schneble indicated the company expects to be profitable by year-end 2025 and targets a public offering within approximately 24 months once valuation exceeds $10 billion. Human Interest competes in a market dominated by enterprises serving Fortune 500 companies, allowing it to capture significant opportunity among underserved small business segments, particularly following competitor Guideline's acquisition by Gusto for $600 million in October 2025.
Aug 2025Series EMorgan Stanley Tactical Value (lead)$50M-Human Interest is a San Francisco-based 401(k) provider targeting small and medium-sized businesses, disrupting the retirement industry with modern platforms like PartnerConnect launched in April 2025, which enables financial advisors to manage plans seamlessly. On August 4, 2025, the company announced an investment of up to $50 million from Morgan Stanley Tactical Value as part of its previously disclosed Series E round, joining investors like Marshall Wace, Baillie Gifford, and BlackRock, bringing total financings over $700 million. This funding supports development of an enhanced PartnerConnect version and underscores the company's public readiness trajectory. Human Interest reported 71% year-over-year revenue growth in 2024 and estimates capturing one in four new U.S. 401(k) plans last year, on track for 37% in 2025 per internal data. It projects approximately $200 million in annual recurring revenue by the end of 2025. The company serves nearly three million employees over the last decade, saved customers $24.6 million in fees in 2024, and focuses on underserved segments like hourly workers, exemplified by onboarding a 10,000-employee car rental firm without prior retirement plans. In a later development shared with Axios around October 2025, Human Interest raised over $100 million at a $3 billion post-money valuation from participants including Baillie Gifford, BlackRock, Marshall Wace, and Morgan Stanley, more than doubling from $1.3 billion in summer 2024. CEO Jeff Schenkel aimed for an IPO at over $10 billion valuation in about 24 months. The Morgan Stanley Tactical Value portion lacks a specified valuation, but the Series E context highlights strong growth and market positioning against Fortune 500-focused incumbents.
Jul 2024Series EBaillie Gifford (lead); Marshall Wace (lead)$242M$1.3BHuman Interest is a San Francisco-based fintech platform providing automated 401(k) retirement plans for small and medium-sized businesses, charging subscription fees to employers ($120-$180/month per plan) plus per-employee fees ($4-$8) and a 0.5% take rate on assets under management (AUM around $2B). The company targets the gap left by traditional providers focused on Fortune 500 companies, emphasizing low-cost, modern retirement solutions with integrations for payroll and advisors. In July 2024, Human Interest completed a Series E round raising $267M led by Baillie Gifford and Marshall Wace, alongside a $25M debt facility from the same investors, bringing total funding to over $700M including prior rounds like $200M Series D in 2021. The Series E valued Human Interest at a post-money $1.33 billion as of July 17, 2024, down from a $1B valuation in its 2021 Series D but ahead of a later October 2025 round at $3B post-money after raising $100M. Funds from the 2024 rounds supported market expansion, infrastructure scaling, public company preparation, and operational growth amid 71% year-over-year revenue growth in 2024, with the company adding one in four new U.S. 401(k) plans that year and serving nearly three million employees over a decade. Sacra estimated $85M ARR at end-2023 (up 80% from $47M in 2022), with projections for ~$200M ARR by end-2025. Human Interest's investors include prominent names like Baillie Gifford, Marshall Wace, BlackRock, SoftBank Vision Fund 2, NewView Capital, and later Morgan Stanley Tactical Value (up to $50M in 2025), reflecting sustained backing for its trajectory toward a potential IPO at over $10B valuation. The platform saved customers $24.6M in transaction fees in 2024 as the first 401(k) provider to eliminate them, earning accolades like 2025 Fast Company Most Innovative Award. Competitors include Vestwell, Icon Savings Plan, and Blooom in the employer-sponsored retirement space.
Jan 2023Undisclosed stageBlackRock (lead)$161M-Human Interest is a San Francisco-based fintech providing a full-service digital 401(k) platform targeted at small and medium-sized businesses (SMBs), enabling easy setup and administration of retirement plans with no transaction fees. The company announced on January 13, 2023, that BlackRock is making a minority investment and leading a financing round, identified as a $161 million Private Equity round with BlackRock as lead investor, to support growth, enhance technology platform capabilities, mature operations, and expand access to retirement plans for SMBs. Terms including valuation were not disclosed. This followed a $200 million Series D in August 2021 at $1 billion valuation, after which Human Interest reported over 400% growth in customers and revenue. Previously, Human Interest raised over $330 million total by early 2023, reaching approximately $500 million including the BlackRock round. The company had targeted $200 million+ in run-rate revenue before a potential 2023 IPO as of 2021, when it was at tens of millions run-rate. BlackRock's involvement leverages its retirement expertise to aid Human Interest's mission. Later rounds included a 2024 Series E at $1.33 billion valuation and a 2025 raise of over $100 million at $3 billion post-money, with projected $200 million ARR by end-2025. Sacra estimated $85 million ARR at end-2023, up 80% from $47 million in 2022, and $25 million revenue in 2021 at 40x multiple. Human Interest competes in the 401(k) space against providers focused on large enterprises, filling the SMB gap with affordable, automated solutions for diverse businesses from startups to nonprofits. The BlackRock investment positioned it for further scaling toward public markets, with later announcements noting cash flow break-even approach and hires for IPO preparation amid continued high growth.
Aug 2021Series DThe Rise Fund (lead)$200M$1BHuman Interest is a San Francisco-based fintech provider of 401(k) retirement plans tailored for small and medium-sized businesses (SMBs), offering accessible, affordable, and automated solutions that integrate with payroll systems for seamless employee participation and recordkeeping. The company addresses the retirement savings crisis, where only 14% of companies with fewer than 100 employees offer such benefits, helping workers build savings that outpace individual efforts. On August 4, 2021, Human Interest raised $200 million in a Series D round led by The Rise Fund (TPG's impact investing platform), with participation from SoftBank Vision Fund 2, Crosslink Capital, and existing investors including NewView Capital, Glynn Capital, U.S. Venture Partners, Wing Venture Capital, Uncork Capital, Slow Capital, and Susa Ventures. This round, coming six months after a Series C, brought total funding over the prior 12 months to $305 million and valued the company at $1 billion, achieving unicorn status. The funds aim to accelerate growth, expand platform capabilities, integrations with financial advisors, benefits brokers, and payroll providers, and scale operations amid surging demand. Human Interest doubled its team to 350 employees post-Series C and planned to add 200 more by year-end 2021. The company appointed Mike Armsby, former CFO of Personal Capital and Yodlee, as CFO to prepare for a traditional IPO targeted around 2023. The Rise Fund highlighted Human Interest's potential for outsized societal impact aligned with UN Sustainable Development Goals in financial technology. Human Interest continued raising capital post-Series D, including a $267 million Series E in 2024 at $1.33 billion valuation and further rounds reaching over $700 million total, with BlackRock as a minority investor and ongoing IPO preparations amid 70%+ year-over-year growth toward cash flow breakeven.
Mar 2020Series COberndorf Enterprises (lead); NewView Capital; TRAC.vc; Uncork Capital; Glynn Capital Management; Bossa Invest$105M-Human Interest is a San Francisco-based fintech company providing affordable 401(k) retirement plans tailored for small and medium-sized businesses (SMBs), addressing the retirement savings gap underserved by traditional providers targeting large enterprises. The platform offers an easy-to-use, low-cost solution with a unique distribution model to reach this large overlooked market segment. In early 2020, Human Interest raised a Series C funding round totaling around $105M across tranches, with $40M announced in March led by Oberndorf Enterprises and participation from investors including Bossa Invest, Glynn Capital Management, NewView Capital, TRAC, and Uncork Capital. This followed a $15.4M Series B in 2019, marking a significant step-up in capital to fuel growth, platform enhancements, and expansion. Valuation for this round was not publicly disclosed across multiple tracking sources. At the time of the Series C, CEO Jeff Schneble stated the company was on track for over three times year-over-year revenue growth in 2020, projecting tens of millions in ARR by year-end and expecting to exceed $40M ARR with this financing, alongside cash flow breakeven in 2021. The round was oversubscribed, indicating strong investor confidence in the company's trajectory toward profitability. Oberndorf Enterprises was attracted by Human Interest's world-class team, mission to solve the $137 trillion U.S. retirement gap by 2050 (per World Economic Forum), and differentiated positioning against incumbents. Subsequent rounds included additional Series C extensions, a $200M Series D in 2021, and later financings pushing total raised over $900M, with valuations reaching $1.3B in 2024 and $3B in a recent raise.
Aug 2019Series BU.S. Venture Partners (lead); Slow Ventures; Uncork Capital; Wing Venture Capital$15M-Human Interest raised $15.4 million in its Series B funding round in August 2019, led by U.S. Venture Partners. The round represented a significant milestone in the company's growth trajectory as a 401(k) platform serving small and medium-sized businesses. The round's stated motivation was to scale operations and enhance the platform's capabilities. However, the specific post-money valuation for this Series B round was not publicly disclosed. Revenue and EBITDA figures for the period around this funding were not available in the sources reviewed.
Feb 2018Series AWing Venture Capital (lead); Adam Nash; Uncork Capital$13M-Human Interest provides 401(k) plans for small and medium-sized businesses. In February 2018, it raised $12.6 million in a Series A round led by Wing Venture Capital, with participation from Uncork Capital and angel investor Adam Nash. The funding aimed to expand the company's reach and improve its 401(k) offerings. Valuation was not publicly disclosed for this round.
Feb 2016SeedSV Angel (lead); Uncork Capital (lead); Susa Ventures; Y Combinator; Slow Ventures; Tuesday Capital; David Spector; FundersClub; Great Oaks Venture Capital$4M--

Who has invested in Human Interest?

23 investors have backed Human Interest across its funding rounds, including Uncork Capital, Slow Ventures, BlackRock, Wing Venture Capital, Baillie Gifford and Marshall Wace.

Lead investors include Morgan Stanley Tactical Value, Baillie Gifford, Marshall Wace, BlackRock, The Rise Fund and 5 other investors.


Human Interest Investors

Investors in Human Interest by funding rounds participated
InvestorHQRoundsRoleFirst check
Uncork CapitalUnited StatesSan Francisco, CA4LeadFeb 2016
Baillie GiffordUnited KingdomEdinburgh2LeadJul 2024
Slow VenturesUnited StatesSan Francisco, CA2ParticipantFeb 2016
Marshall WaceUnited KingdomLondon2LeadJul 2024
Morgan Stanley Tactical ValueUnited StatesNew York City, NY2LeadAug 2025
BlackRockUnited StatesUnited States2LeadJan 2023
Wing Venture CapitalUnited StatesSan Francisco, CA2LeadFeb 2018
SV AngelUnited StatesSan Francisco, CA1LeadFeb 2016
Susa VenturesUnited StatesSan Francisco, CA1ParticipantFeb 2016
Y CombinatorUnited StatesSan Francisco, CA1ParticipantFeb 2016
NewView CapitalUnited StatesSan Francisco, CA1ParticipantMar 2020
Tuesday CapitalUnited StatesSan Francisco, CA1ParticipantFeb 2016
TRAC.vcUnited StatesSan Francisco, CA1ParticipantMar 2020

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Human Interest Competitors

Human Interest competitors include listed companies like TOTVS and Hilan, and private ones like Lattice, Remote, HiBob and Factorial.

Public and private companies comparable to Human Interest
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
LatticeUnited StatesUnited StatesPrivate-$183M$3B-
RemoteUnited StatesSan Francisco, CAPrivate--$3B-
HiBobUnited StatesNew York City, NYPrivate$400M-$3.2B8.0x
FactorialSpainBarcelonaPrivate$100M-$2.5B-
TOTVSBrazilBrazilPublicly listed$1.1B$318M$3.8B3.2x
HilanIsraelIsraelPublicly listed$993M$154M$1.8B-

Human Interest Public Comps

Human Interest is still privately-owned, but its public comps include Hercules Capital, OSB Group, Federal Agricultural, TOTVS, Encore Capital Group, Workiva, Kruk S.A., Paragon Banking Group, Hilan and Hoist Finance.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Hercules Capital$531M-10.6x9.9x--
OSB Group$897M-1.8x1.7x--
Federal Agricultural$408M-86.0x76.3x--
TOTVS$1.1B$318M3.9x3.2x13.7x12.1x
Encore Capital Group$1.8B$645M3.5x3.3x9.5x8.5x
Workiva$885M($33M)4.5x4.0x(120.8x)24.0x
Kruk S.A.$671M$320M4.5x3.4x9.5x6.6x
Paragon Banking Group$710M-----

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Common questions about Human Interest

When was Human Interest founded?Human Interest was founded in 2015.
Where is Human Interest headquartered?Human Interest is headquartered in San Francisco, CA, United States.
Is Human Interest publicly listed?No, Human Interest is a private, VC-backed company.
What is Human Interest's valuation?Human Interest was last valued at $3B in its undisclosed-stage round in October 2025.
How much funding has Human Interest raised?Human Interest has raised $890M across 9 funding rounds.
What was Human Interest's last funding round?Human Interest's last funding round was a $100M undisclosed-stage round in October 2025.
Who are Human Interest's investors?Human Interest's investors include Uncork Capital, Baillie Gifford, Slow Ventures, Marshall Wace, Morgan Stanley Tactical Value, BlackRock, Wing Venture Capital, SV Angel, Susa Ventures, Y Combinator and 13 others.
What is Human Interest's revenue?Human Interest's latest recorded revenue is $200M (October 2025).
What is Human Interest's revenue multiple?Human Interest's latest valuation implies a 15.0x revenue multiple ($3B valuation on $200M of revenue).
Which companies are comparable to Human Interest?Companies comparable to Human Interest include Lattice, Remote, HiBob, Factorial, TOTVS and Hilan.

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