Goldman Sachs has agreed to acquire Honest Dollar, an Austin, Texas-based startup launched in 2015 that helps small businesses set up SIMPLE IRA, SEP IRA, or basic IRA contribution plans.

On its website, Honest Dollar markets itself as a cheaper alternative than sponsoring a 401(k) plan. The platform helps sponsors automate enrollment into IRAs built on low-cost exchange traded fund investment options.

Goldman Sachs is marketing the acquisition as part of the firm's effort "to serve the approximately 45 million Americans who do not have access to employer-sponsored retirement plan," according to company release.

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