Honest Dollar, an Austin, Texas-based financial tech startup, secured $3m in seed funding.
The round was led by Expansive Ventures.
The company intends to use the funds to accelerate the delivery of its app.
Led by CEO Will Hurley, Honest Dollar is developing an app-based product that will allow small businesses to provide employees with a retirement savings account for a predictable flat rate of $10 per employee per month.
Employers will sign up and then the company will work directly with employees, who can set up their savings account through the app, this freeing small businesses from administering a retirement plan.
Honest Dollar is currently allowing small businesses to sign up for its beta product, which is expected to be released in early summer.