SF-based Chime, the consumer mobile banking platform, has acquired NYC-based Salt Labs, a loyalty rewards platform catered towards hourly and frontline workers that allows them to earn rewards based on contributions to their companies. Terms of the transaction were not disclosed. “We’ve always believed that financial progress begins with employment and should be centered around the primary financial account,” remarked Jason Lee, Founder and CEO of Salt Labs. “We are thrilled to be part of this next stage of growth at Chime and to build Chime Enterprise alongside the incredible team at Chime.”
We’ve always believed that financial progress begins with employment and should be centered around the primary financial account. We are thrilled to be part of this next stage of growth at Chime and to build Chime Enterprise alongside the incredible team at Chime. – Jason Lee
Founded in 2022 by Lee, Alison Stapleton, Konstantin Getmanchuk, and Robert Law, Salt Labs had raised a total of $18M in total reported funding. Investors in the company include Third Prime, Logal Allin, Fin Capital, and Anthem Venture Partners. AlleyWatch exclusively covered Salt Labs’ seed round earlier this year – Salt Labs Raises $8M for its Loyalty and Rewards Platforms for Hourly Employees
As a part of the transaction, Lee, who also founded Daily Pay, will join Chime and head up a new business unit Chime Enterprise, focused on integrating Chime into employment channels. This is a one-of-a-kind opportunity for Chime to acquire an innovative employee rewards company that has key employer relationships, and a founding team that has created some of the most disruptive technology in the enterprise earned wage access space,” remarked Chime COO, Mark Troughton. “Through this acquisition, we will aim to partner directly with employers to reach millions of consumers and introduce them to the Chime platform. We look forward to leveraging Salt Labs’ existing relationships with employers and building upon the Chime MyPay™ earned wage access platform to further address the needs of everyday people.”
This is a one-of-a-kind opportunity for Chime to acquire an innovative employee rewards company that has key employer relationships, and a founding team that has created some of the most disruptive technology in the enterprise earned wage access space. Through this acquisition, we will aim to partner directly with employers to reach millions of consumers and introduce them to the Chime platform. We look forward to leveraging Salt Labs’ existing relationships with employers and building upon the Chime MyPay™ earned wage access platform to further address the needs of everyday people. – Mark Troughton
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- Source: https://www.alleywatch.com/2024/06/salt-acquired-chime-employee-rewards-platform-enterprise-transaction-price/
