FinFit is merging with Salary Finance US, a fintech focused on salary-linked savings and loans for employees, creating a workplace financial platform serving over 10 million US workers. Financial terms were not disclosed.
Both companies have been part of the rapidly growing market of financial wellness employee benefits offered through the workplace, as demand has skyrocketed post-pandemic and due to inflation-driven cost of living challenges.
The merged organisation will service over 500,000 US employers, including Tesla, Allied Universal, and United Way.
The combined business will operate under the FinFit brand, with the updated platform including Salary Finance US’s financial wellness products, offering firms and their staffers personalised financial assessment, coaching and dashboard, budgeting, spending and savings accounts, and payroll-deducted earned wage access, advances, and loans.
FinFit CEO David Kilby will continue to lead the combined company, and Salary Finance’s co-founder Asesh Sarkar as president.
Says Kilby: “The post-pandemic world has been tumultuous for the American worker - from inflation to rediscovering a new work-life blend. Financial instability, today more than ever, compounds stress that leads to negative productivity and health outcomes.
"We are energized to be merging with Salary Finance to take FinFit to the next level, as America’s preeminent financial wellness platform supporting employees through their journey to financial health."
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