San Francisco-based 401(k)-focused startup ForUsAll raised a $9.5M Series A, led by Foundation Capital.
'You shouldn't have to work at a Fortune 500 company in order to have a viable retirement savings plan,' said Shin Inoue, CEO and cofounder at ForUsAll. 'So, we rebuilt the 401(k) from the ground up and tackled the SMBs' access problem, participation problem, savings problem, and fees problem.' Now, the ForUsAll 401(k) is changing the SMB paradigm. To date, the company has seen an average participation rate of 88 percent, with savings rates of 7.4 percent on average. That's almost twice as much money flowing into ForUsAll's 401(k) when compared to the typical SMB 401(k). ForUsAll also eliminates major hassle factors for SMBs by assuming administrative and fiduciary responsibilities and keeping fees close to 0.5 percent compared to the industry average of 1.3 percent.