SF-based Chime, the patron cell banking platform, has acquired NYC-based Salt Labs, a loyalty rewards platform catered in the direction of hourly and frontline employees that enables them to earn rewards based mostly on contributions to their firms. Phrases of the transaction weren’t disclosed. “We’ve all the time believed that monetary progress begins with employment and needs to be centered across the major monetary account,” remarked Jason Lee, Founder and CEO of Salt Labs. “We’re thrilled to be a part of this subsequent stage of progress at Chime and to construct Chime Enterprise alongside the unbelievable crew at Chime.”
We’ve all the time believed that monetary progress begins with employment and needs to be centered across the major monetary account. We’re thrilled to be a part of this subsequent stage of progress at Chime and to construct Chime Enterprise alongside the unbelievable crew at Chime. – Jason Lee
Based in 2022 by Lee, Alison Stapleton, Konstantin Getmanchuk, and Robert Legislation, Salt Labs had raised a complete of $18M in complete reported funding. Traders within the firm embody Third Prime, Logal Allin, Fin Capital, and Anthem Enterprise Companions. AlleyWatch completely coated Salt Labs’ seed spherical earlier this yr – Salt Labs Raises $8M for its Loyalty and Rewards Platforms for Hourly Workers
As part of the transaction, Lee, who additionally based Every day Pay, will be a part of Chime and head up a brand new enterprise unit Chime Enterprise, targeted on integrating Chime into employment channels. It is a one-of-a-kind alternative for Chime to amass an progressive worker rewards firm that has key employer relationships, and a founding crew that has created a number of the most disruptive expertise within the enterprise earned wage entry area,” remarked Chime COO, Mark Troughton. “By this acquisition, we’ll intention to associate straight with employers to succeed in hundreds of thousands of customers and introduce them to the Chime platform. We sit up for leveraging Salt Labs’ current relationships with employers and constructing upon the Chime MyPay™ earned wage entry platform to additional deal with the wants of on a regular basis individuals.”
It is a one-of-a-kind alternative for Chime to amass an progressive worker rewards firm that has key employer relationships, and a founding crew that has created a number of the most disruptive expertise within the enterprise earned wage entry area. By this acquisition, we’ll intention to associate straight with employers to succeed in hundreds of thousands of customers and introduce them to the Chime platform. We sit up for leveraging Salt Labs’ current relationships with employers and constructing upon the Chime MyPay™ earned wage entry platform to additional deal with the wants of on a regular basis individuals. – Mark Troughton