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It often takes an outsider to question the world as it is, asking the first principles questions that are so obvious in retrospect. That’s where Abdul Al-Asaad comes in. One of the most personally compelling founders we’ve ever met at Lux, Abdul is a Palestinian refugee who grew up in poverty in Syria. He used his intelligence and tenacity to earn scholarships to attend international boarding school in the Netherlands and later college in the U.S. Abdul began his professional career in Goldman Sachs’ leveraged finance group and later attended Harvard Business School, where he was an Arthur Rock Innovation Fellow. That Abdul has made it to the United States is itself a miracle – that he today finds himself building a VC-backed company, and developing a novel financial product that could power millions of families’ retirement plans, is the American dream. 

But Abdul’s journey through the American financial system led him to ask uncomfortable questions: Why can’t everyday Americans finance appreciating retirement assets? Why do financial institutions so aggressively market to finance personal consumption? Why do so many Americans believe a rewarding retirement is too far out of reach? Why are millions of young people led to gambling and meme-stock speculation to “catch up”?

These weren’t just observations - they were backed by stark reality. Americans are exceptional…spenders, with total household debt now exceeding $18 trillion and credit card balances hitting a record $1.2 trillion. “Buy Now, Pay Later” services have only accelerated this trend, encouraging people to borrow against their future for consumption today. For decades, debt has been used in this country to finance rampant consumerism, allowing tens of millions of Americans to live well beyond their means – and suffer under the weight of an immense burden – increasing liabilities without the corresponding assets to balance a household’s balance sheet. 

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Yet credit is widely available for assets deemed socially or economically valuable—homes, cars, and college—all often supported by government guarantees. When it comes to retirement, though, everyday Americans are left to slowly save over decades, with no access to credit to buy into appreciating assets early. Meanwhile, those who already have capital—or access to cheap credit—like private equity firms and elite investors, can accumulate wealth faster through the power of compounding.

That’s exactly what Abdul along with his cofounder Anjan Karanam set out to change. Basic Capital is changing the consumer finance game by letting Americans finance appreciating, diversified, professionally managed assets—so they’re no longer stuck investing only what’s left over. It helps both workers with retirement accounts racing to save, and the 40% of households without one. 

Basic Capital offers a next-generation 401(k) platform that lets businesses help employees build wealth, with customers like Service Professionals in New Jersey using it to attract and retain talent. The platform includes a built-in financing mechanism that lets employees unlock funding on their payroll contributions, seamlessly and automatically. 

After years in stealth, Basic Capital is now live—and we're proud to lead its first institutional round, alongside investors like Henry Kravis, Bill Ackman, SV Angel, and Box Group. As we've always said at Lux, “You get what you celebrate.” We celebrate science and technology as forces for building a better society. In America, it’s also true that “You get what you finance”–and it’s time we started financing prosperity instead of just consumption. Build your Basic Capital today.