Insider Brief
- Aboon raised $17.5M in seed funding to expand its AI-powered platform that helps financial advisors rapidly design, launch, and manage 401(k) plans for small-business clients.
- The platform replaces slow, manual retirement plan administration with automated proposals, onboarding, compliance, and transparent workflows.
- Backed by major advisory firms and recordkeepers, Aboon aims to make workplace retirement plans more accessible as demand grows amid retirement savings gaps and regulatory pressure.
PRESS RELEASE — Aboon, an AI-powered platform that transforms how financial advisors help their business owner clients launch and manage 401(k) plans, announced $17.5 million in seed funding. The financing was led by Bain Capital Ventures, with participation from Altai Ventures, Runyon, Edward Jones Ventures, Outpost Ventures, and EJF Ventures. This marks the company’s first public announcement and a major step toward its mission of making workplace retirement plans simple, efficient, and accessible for advisors and employers.
A majority of American adults (57%) worry they’re behind on their retirement savings, according to a 2024 Bankrate survey. With Social Security vastly underfunded and predicted by the U.S. Treasury to run out as soon as 2034, recent regulations like SECURE 2.0 and an increasing number of state mandates have aimed to close this gap by incentivizing private sector solutions. Yet Pew reported last year that 43% of U.S. businesses with fewer than 100 employees do not offer a workplace retirement plan. Financial advisors are trusted by business owners and well-positioned to address this growing need, but they lack modern tools to navigate the complexity of retirement plans. Instead, they still face lengthy and manual processes, administrative burdens, opaque pricing, and outdated platforms.
“We built Aboon because we saw how hard it was for advisors to offer retirement plans, and how many businesses were left behind as a result,” said Nick Gavronsky, CEO and co-founder of Aboon. “Aboon was built on a belief that every American worker deserves a path to retirement, and the best way to get there is through the trusted advisor network that already supports business owners. We are changing the game for financial advisors by putting the tools they need in their hands.”
Aboon is a digital third-party administration (TPA) platform that empowers financial advisors to easily design, launch and manage 401(k) plans for their business owner clients by combining AI-powered automations, intuitive digital workflows, and real-time human expertise. Aboon’s unparalleled speed and efficiency mean advisors can generate proposals in minutes and onboard new plans in a few days, far outpacing manual processes that typically take weeks or months.
Advisors who use Aboon report faster setup, greater transparency, and higher client satisfaction. By providing instant plan design, comprehensive quotes, automated onboarding, and year-round compliance, Aboon frees up advisors and business owners to grow their business instead of navigating the complexities of plan administration.
“Aboon is solving a huge pain point in an underserved but critical industry,” said Matt Harris, partner at Bain Capital Ventures. “We believe the next generation of retirement infrastructure will be advisor-led, tech-enabled, and powered by AI. Aboon has built the right product at exactly the right moment, delivering a modern operating system for advisors to bring retirement plans to market with unprecedented speed, clarity and scale.”
Since its founding in 2023, Aboon has expanded to tens of thousands of advisors by partnering with national advisory firms like Edward Jones and other firms to be announced. Aboon has also partnered closely with major recordkeepersincluding Capital Group, Empower, and Manulife John Hancock.
“Edward Jones is investing in and supporting the development of technologies and solutions that solve client and industry needs,” said Greg Robinson, Principal, Edward Jones. “We know most people begin investing for their retirement through the workplace, and we want to make it easier for business owners and their employees to feel confident on their path to financial fulfillment.”
With this funding, Aboon will continue to enhance its digital and automation capabilities, expand its range of supported products, and deepen its integration with more advisory firms nationwide.
About Aboon
Aboon is a modern, AI-powered 401(k) platform built for financial advisors and the business owners they serve. Founded in 2023 by Nick Gavronsky and Amy Ouellette and backed by a team of fintech and retirement industry veterans, Aboon makes it easy to design, launch, and manage retirement plans. Learn more at aboon.com.
Contacts
Rachel Colson
Bain Capital Ventures
[email protected]
