Unlocking Tax-Efficient Retirement: A Guide for Self-Employed Heroes!

Meet Ankur Nagpal, the visionary founder who launched Teach:able in 2013—an innovative platform designed for independent course creators. His mission? To make education accessible to everyone, everywhere.

Originally hailing from Oman, and a proud graduate of the University of California, Berkeley, Nagpal transformed his startup into a powerhouse, raking in an impressive $60 million in annual recurring revenue before selling it to Hotmart in 2020 for a staggering nine-figure sum.

But Nagpal isn’t stopping there. He now has his sights set on revolutionizing retirement savings for the self-employed with his new venture: Carry. This Brooklyn-based startup, launched in September 2022, is breaking down barriers by offering user-friendly, tax-efficient retirement accounts—including solo 401(k)s, IRAs, and more—designed specifically for small business owners.

In a recent Series A funding round, Carry secured $10 million, led by Accomplice VC, a Boston-based venture firm known for supporting innovative startups like AngelList and Patreon.

With around 2,000 paying customers and $60 million in assets under management, Carry is swiftly gaining momentum—generating over $1 million in annual revenue without spending a dime on paid advertising. By the end of the year, Nagpal anticipates reaching 3,000 customers and managing around $100 million in assets.

Carry stands at the forefront of a burgeoning fintech and wealth-tech revolution, poised to simplify the investment landscape for users. Industry analysts predict that the wealth-tech sector will balloon to $18.6 billion by 2031. But while many startups struggle, Carry is thriving, thanks in large part to its superior user experience.

As many entrepreneurs quickly find out, greater revenue often leads to higher taxes, leaving little room for reinvestment or retirement savings unless they have the right guidance. Nagpal recognized this gap when his own accountants dramatically reduced his tax burden. He realized that while some entrepreneurs can afford expert advice, countless self-employed individuals are left in the dark, missing out on potential savings.

“Tax savings should be accessible to everyone,” Nagpal emphasizes. “Many find it overwhelming and don’t know where to begin. My goal is to empower business owners to unlock those savings.”

One of the biggest hurdles? The convoluted process of setting up retirement accounts in a world where legal compliance is critical. At Carry, Nagpal is committed to demystifying this process. “Our users appreciate our intuitive design and seamless experience,” he states.

Traditional 401(k) setup fees can skyrocket to $2,000, with annual administrative costs ranging from $750 to $3,000. Recognizing this, Carry offers an attractive alternative: a basic plan for just $299 a year or a more versatile plan for $499 that includes options for alternative investments like Bitcoin.

Importantly, Carry sets up the accounts without ever touching the funds. Account holders maintain complete control as the sole trustees, ensuring security and autonomy.

In collaboration with Ocho Investment Advisors and Drive Wealth LLC, Carry guarantees that user funds are secure, with protections of up to $500,000. If anything were to happen to the startup, users’ 401(k)s would remain intact, allowing for a smooth transition of assets.

In addition to Carry, Nagpal also leads Vibe Capital, a fund that manages nearly $100 million and has backed over 80 startups worldwide, including innovative platforms like Beacons and Vimcal.

Matt Brezina, an early-stage technology investor and a prominent advocate for Nagpal, was among the first investors in Teach:able and is now backing Carry. He believes in Nagpal’s entrepreneurial spirit and growth-driven vision.

“If I could find eight founders like him every year, my job would be a breeze,” Brezina remarks, highlighting Nagpal’s remarkable potential.

Brezina points out that Carry addresses a critical need in the market: simplifying tax planning for self-employed entrepreneurs. “As Charlie Munger puts it, the IRS is an unavoidable partner in every business deal. Smart tax planning is vital for any business owner.”

Brezina created his own solo 401(k) with Carry two years ago and appreciates its flexibility in accessing alternative asset classes, like Bitcoin. “Carry has streamlined my contributions and helped me save more for retirement than ever before,” he shares.

With the fintech and wealth-tech landscape rapidly evolving, the competition is heating up. However, Nagpal’s commitment to compliance and quality service sets Carry apart from the rest. He is currently studying for his broker-dealer license to further enhance the platform’s offerings.

As the wealth management sector continues to blossom, it’s crucial for entrepreneurs to thoroughly research any 401(k) platforms they consider. Attorney Andrew Sherman advises, “Due diligence is key. As a fiduciary of your employees’ funds, you must ensure the platform’s reliability.”

While established firms may boast name recognition and decades of experience, Nagpal’s agility and proactive approach give Carry a unique advantage. When the Secure 2.0 Act passed, Carry quickly helped users secure a $500 tax credit for three years, showing its ability to adapt swiftly to new regulations.

“Tax laws are always evolving, and we’ll be the first to respond to help our users maximize their benefits,” Nagpal asserts confidently.