Jason Lee, CEO and Founder of Salt Labs, announced today that Salt Labs has been acquired by Chime, the #1 most loved banking app and financial technology company. This acquisition marks a significant milestone, as it brings together the innovative platform developed by Salt Labs with the advanced technology, reach, and power of Chime.
Salt Labs has spent the past 18 months developing new technology that simplifies and encourages saving for everyday Americans.
Since its founding, Salt Labs has been at the forefront of creating disruptive technologies for frontline workers in the enterprise rewards and financial wellness space. Their flagship product, Salt, is designed to function like a savings account, creating a valuable asset for hourly workers to own the long-term value of their work. Salt transforms how employees perceive and value their work, allowing them to measure and reward their efforts using their most significant asset — their time. 91% of workers feel more financially secure since they earn Salt, and users save 59% of their Salt. This compares to the negative 2% savings rate for consumers in the same income bracket.
Now, Chime and Salt Labs are coming together for their shared mission of uniting everyday people to unlock their financial progress. Through this acquisition, Salt Labs can further enable employers to empower their employees to build financial security and enjoy unparalleled benefits and products accessed through work, and leveraging the Chime platform.
Following the acquisition, Salt Labs Founder and CEO Jason Lee will lead Chime Enterprise, a new business unit at Chime dedicated to delivering innovative employee benefits and financial wellness products to leading employers and their employees across America.
This progress benefits not only the employees but also the employers, who enjoy a more stable workforce, higher retention, and deeper employee engagement. By joining forces with Chime, Salt Labs aims to further its mission of enabling workers to access liquidity when needed, build savings, and monetize employment-related assets. This partnership will create a comprehensive, low-cost, compliant, and durable offering to employees, uniting various employee benefits under one powerful umbrella.
“I am beyond excited to continue building for everyday Americans. Over the last few years, there has been a meteoric rise in the number of employee benefits offered through employers that are really just banking products. These employee benefits enable workers to access liquidity, build savings, and monetize employment-related assets. I see an immense opportunity to bring these benefits under one umbrella in a low-cost, compliant, and durable way. Salt Labs was founded by a team of ride or die believers who value loyalty, mission, and impact above all else. I couldn’t be happier for what this means for them and their families both personally and financially. As their leader, it is my job to fight for them and their families, no matter how hard it gets, and to never stop building,” said Jason Lee.
