BlackRock ( NYSE: BLK ) said Friday it is taking a minority stake in Human Interest, a 401(k) provider catering to small and medium businesses, and leading a financing round to support the next phase of the startup's growth.
Financial details were not disclosed.
BlackRock's ( BLK ) investment will help Human Interest ramp up its technology platform capabilities, and mature its operational processes and infrastructure.
Human Interest said its customer base and revenue grew over 400% since its last financing round in 2021.
At the time, Human Interest raised a $200M series D round led by TPG's impact investing platform The Rise Fund, and joined by SoftBank Vision Fund 2. The startup was valued at $1B as of August 4, 2021.
"Getting people on a path to a secure retirement is core to BlackRock's ( BLK ) purpose, from pioneering target-date funds 30 years ago to managing retirement assets for more than 40M Americans today," said Anne Ackerley, head of BlackRock's retirement group.
Human Interest aims to serve 1M 401(k) participants by year-end, up from a few hundred thousand currently, CEO Jeff Schneble told The Wall Street Journal.
Earlier in the day, BlackRock's ( BLK ) Q4 earnings fell from an unusually strong year-ago quarter as markets declined .
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BlackRock picks up minority stake in SMB 401(k) provider Human Interest