Retirement plans firm Human Interest valued at $1 bln after latest funding

Aug 4 (Reuters) - Human Interest, a startup that enables businesses to help their employees save for retirement, said on Wednesday it had raised $200 million in a funding round led by TPG's The Rise Fund and joined by SoftBank Vision Fund 2, valuing the company at $1 billion.

The investment comes ahead of the company's preparation for an initial public offering, with Mike Armsby already named as its Chief Financial Officer. Armsby previously led the IPO of information technology company Yodlee, which has since delisted.

San Francisco-based Human Interest, founded in 2015, provides 401 (k) plans for zero transaction fees. It works with small and medium-sized businesses to offer low-cost retirement plans to their employees.

The funding round also saw participation from new investor Crosslink Capital, a San Francisco-based venture capital firm. Existing investors including NewView Capital and Glynn Capital also participated in the round.

Human Interest will add 200 employees nationwide by the end of the year, it said. It has already doubled its headcount to 350 over the last 12 months.

The company has now raised $305 million over the last 12 months, it said.

(Reporting by Niket Nishant in Bengaluru; Editing by Krishna Chandra Eluri)