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Chime acquires Salt Labs, an enterprise employee rewards company

By Gloria Mathias

July 04, 2024

  • Chime
  • Enterprise Employee Benefits
  • Financial Technology

Financial Technology, Chime, Salt Labs, Fintech News, Fintech America, New York, San Francisco, Fintech Acquisition, FinTech Global, Global Fintech News, Top Fintech News, Enterprise Employee Benefits, Chime, a financial technology company, has announced that it has acquired Salt Labs, an enterprise technology company focused on helping hourly workers understand the long-term value of their work.

As part of the acquisition, Jason Lee’s Salt Labs team and the company’s offerings will become part of Chime. Chime will gain immediate access to Salt Labs’ enterprise client relationships, opening opportunities for new primary account growth and revenue streams. The transaction details remain undisclosed.

Chime’s acquisition of Salt Labs builds on its mission of empowering everyday people to unlock financial progress by adding enterprise capabilities and sector knowledge. Founded in 2022, Salt Labs’ product, Salt, is an employee rewards benefit that acts like a savings account for everyday Americans. Since its launch, Salt Labs has partnered with a diverse set of enterprise clients across industries such as transportation, call centres, hospitality, and parking services.

“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,” said 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.”

Aligned with the acquisition, Chime will launch a new business unit called Chime Enterprise, led by Jason Lee, that will be focused on accelerating Chime’s growth through the employer channel beyond Salt Labs’ flagship products.

“We’ve always believed that financial progress begins with employment and should be centred around the primary financial account,” said Jason Lee, founder and CEO of Salt Labs and founder of DailyPay. “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.”

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