SAN FRANCISCO, Jan. 18, 2018 /PRNewswire/ — ForUsAll, the technology-driven 401(k) advisor to small and mid-sized businesses, today announced it has reached $500m in retirement assets under management and secured $21 million in second round financing led by Ribbit Capital, a leading global investor in financial technology. Existing investor Foundation Capital joined the round, bringing the company’s total funding to $34 million. ForUsAll will use the funds to grow the company’s customer base, accelerate technology development and hire additional staff.
“At Ribbit Capital, our goal is to work with entrepreneurs intent on changing the world of finance and building impactful new financial brands,” said Nick Shalek, General Partner at Ribbit Capital. “We view ForUsAll as a category-defining company bringing the power of technology, design and behavioral economics to an industry in desperate need of improvement. Around 300,000 brokers manage 650,000 small and mid-sized business 401(k)s. Since the average broker only handles two 401(k)s, they simply do not have the ability to invest deeply in delivering modern, personalized investment solutions to companies and their employees. Just as the travel agent market was uprooted by technology, we believe ForUsAll is disrupting the 401(k) broker market by using technology to deliver a smarter, more effective, and less expensive solution.”
“It’s past time for a retirement solution that utilizes technology, financial innovation, and elegant design to help people achieve the financial security to enjoy their retirement,” said Steve Vassallo, general partner at Foundation Capital. “We think ForUsAll is that solution, which is why we’ve been supporting the company since its earliest days and why we continue to be proud partners.”
“We chose ForUsAll because we wanted to make it easier to get our workforce engaged with the 401(k) and automate the plan’s administration,” said Mark Sherbine, Human Resources Manager from Partners in Homecare, a Montana-based home healthcare organization.
“Our team will use this new capital to continue to accelerate our asset growth,” said Shin Inoue, Co-founder and CEO of ForUsAll. “Our 1st $100 million took 18 months to accumulate, and our most recent $100 million was added in two months. We expect companies to continue to switch to us as their advisors as we build more and more momentum.”