Honest Dollar Hopes To Make Retirement Plans Affordable with $3 M in Funding

What does Honest Dollar do?

Honest Dollar, is a Stealth Fintech Startup launched on March 13^th, 2015. This Texas based stealth startup was founded by innovative individuals from financial and technology industries. The company is still in the beta stage and has raised some money and is growing fast.

This Austin based startup wants to eliminate the hurdles associated with setting up and maintaining employee retirement for small businesses.

How much Honest Dollar was funded?

Honest Dollar raise $3 M in Seed round on March 16th, 2015 by Core Employee Solutions, Core Innovation Capital, Expansive Ventures and Formation 8.

What is next for Honest Dollar?

Honest Dollar wants to help reduce the fees worker have to bear with through the 401 (K) programs. Honest Dollar offers an easy to use platform for the small business to start offering retirement benefits to their employees. The company has to connect their payroll system to the Honest Dollar’s platform and the latter will extract the employee info it needs to set the retirement plan for the employee.

More about Honest Dollar

Honest Dollar, was founded on November 21^st, 2014 by Henry Yoshida and Willaim Hurley. It has its headquarters in Austin Texas.

Honest Dollar offers the small businesses plans which are structures as a Simple IRA. This will reduce the cost structure of the program and mitigates employer liability around the plan management. Honest Dollar does not charge small businesses but just $10 per employee per month to offer the program to the employees.

The company is targeting startups and small businesses with employees less than 50. After a few months in private beta testing, the company is opening up a more public beta now with hopes of getting more small businesses signed up.

If the Texas bases startup succeeds then it means that a lot of people will have better retirement years ahead for them.