Oct 31, 2025 - Business

Scoop: 401(k) platform Human Interest now worth $3 billion

Dan Primack

Illustration of a piggy bank with gradually smaller piggy banks falling into it — Illustration: Sarah Grillo/Axios

Human Interest, a San Francisco-based 401(k) platform, tells Axios that it's raised over $100 million at a $3 billion post-money valuation.

Why it matters: This reflects the growing number of small and mid-sized businesses that are seeking to offer retirement plans to employees.

Many of the top 401(k) players are built for Fortune 500 clients, in terms of both services and sales, leaving greenfield opportunities for Human Interest and its rivals.

What they're saying: "I want to be doing this for decades, and the only way would be as an independent, public company," says Human Interest CEO Jeff Schenble. "But life as a small public company is pretty hard, so the timing would be when we could comfortably go public at a $10 billion-plus valuation. My guess is another 24 months."

Zoom in: The round included insiders Baillie Gifford, BlackRock, Marshall Wace, Morgan Stanley, and TPG.

Human Interest was last valued at $1.3 billion in summer 2024, and says it will end 2025 with around $200 million in ARR.

Catch up quick: Yes, this is the company we discussed on Monday in Axios Pro Rata, after it sued rival unicorn Guideline over an alleged scheme to steal confidential company information.

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Scoop: 401(k) platform Human Interest now worth $3 billion

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