Finhabits Expands Offerings with 401k Plans for Minority-Owned Businesses in California

Finhabits, a market-leading U.S. fintech provider by Latinos for Latinos, announced the expansion of its retirement solutions with the launch of the Finhabits 401k plans. The new retirement plans by Finhabits are designed to offer both minority-owned businesses in California and their workers a simple, bilingual and affordable alternative to the state-mandated plan.

California has approximately 800,000 Latino small businesses, many of which are required by state mandate to establish their first retirement plans by June 30, 2022. The ready-to-use Finhabits 401k offers small and medium-size companies a retirement plan and an educational platform — both of which are critical to helping workers build economic security for their future.

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“We understand that Latino business owners see their workers as an extension of their families, and they want to help them build economic security for the future,” said Carlos Garcia, the CEO and founder of Finhabits. “Our Finhabits 401k can help business owners who may not have been able to offer their employees a plan in the past.”

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To increase access to retirement solutions, Finhabits has partnered with Smart, a leading global retirement technology provider. To date, Finhabits has over 600,000 members across the U.S. and Puerto Rico. As the first financial wellness platform in both English and Spanish, Finhabits combines fiduciary advice with behavioral nudges and educational content, making it easy to get into the habit of investing for the future.

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