SaverLife launches new services after $1.5m round

SaverLife, a non-profit helping Americans save money, has launched its new services following the closing of a $1.5m investment from Prudential Financial.

The capital infusion will support the adoption of the SaverLife Solutions, after a yearlong pilot programme which 392,000 people participated in. It hopes to deploy its services across the US.

With the aim of inspiring, informing and rewarding Americans which need to save money, SaverLife leverages partnerships and technologies to help consumers improve control of their finances. SaverLife Solutions offers a digital platform to enable consumers to contribute to their savings, set personal goals, access financial education documents, win prizes and receive savings rewards.

Through the platform, a user can connect with other members and share saving tips.

Other investors to the seed round included Annie E. Casey Foundation and Mastercard Center for Inclusive Growth.

SaverLife president and CEO Leigh Phillips said, “The workplace is one of the most important engines for generating individual wealth and financial security.

“Not only is it the place where people get paid, it’s also where employees are accustomed to engaging in employer-sponsored benefit programs that affect financial health, such as insurance and retirement. And while most companies have traditionally focused on benefits for higher-income workers, we’re seeing a trend of employers seeking out benefits that provide value to hourly workers as well.”

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