Wednesday, May 25, 2016
Honest Dollar Acquisition By Goldman Sachs Completes
Austin-based Honest Dollar, the web- and mobile-driven retirement savings services which was founded by William Hurley, is now officially part of Goldman Sachs. The Investment Management Division of Goldman Sachs said the acquisition is part of an effort to service approximately 45 million Americans who do not have access to an employer-sponsored retirement plan, and particularly, the large number of 1099 workers in the "gig economy". Honest Dollar's apps and service helps self-employed individuals, independent contractors, and small- and medium-sized businesses establish individual retirement account (IRA) savings programs. Although financial terms of the deal have not been announced, Honest Dollar had only raised around $3M in seed funding, from such investors as Expansive Ventures, Formation 8 and Core Innovation Capital, implying any exit most likely provided a highly positive return for its founder and venture backers.