ForUsAll, a San Francisco, CA-based 401(k)-focused startup, raised $9.5m in Series A funding.
The round was led by Foundation Capital general partner Steve Vassallo joining the board. Additionally, Lawrence H. Summers, former Secretary of the Treasury for President Clinton, has joined as Senior Advisor.
The company intends to use the funds to continue to expand operations.
Co-founded by Shin Inoue, David Ramirez, and Dave Boudreau, ForUsAll is a provider of 401(k)s for small businesses. also eliminating major hassle factors for SMBs by assuming administrative and fiduciary responsibilities and keeping fees close to 0.5& compared to the industry average of 1.3&.
To date, the company has seen an average participation rate of 88& percent, with savings rates of 7.4% on average.
FinSMEs
29/06/2016