Salt Labs, a new loyalty and payments technology company, has raised $10m in a pre-seed funding round to reinvent the way hourly workers earn.
The financing was led by Fin Capital with participation from Anthem Venture Partners, along with other investors.
Salt Labs founding team includes Jason Lee and Rob Law who previously co-founded unicorn company DailyPay which created the on-demand pay industry to address income inequality for hourly workers.
The mission of Salt Labs is to enable hourly workers to own the long-term value of their work. Unlike white collar workers who are afforded several opportunities to build long-term wealth through company stock plans, partnership interests, or even a 401k plan, it is often the case that frontline workers aren’t afforded those same opportunities for a variety of technology or cost reasons. This has resulted in the growing wealth gap disparity.
Salt Labs’ technology changes how a worker earns and enables them to capture the value of their work, on top of their regular paycheck.
Through its offering, Salt Labs said it is reinventing the way in which hourly workers earn in order to help them build towards a secure financial future. An initial version of the product is meant to launch next month.
Logan Allin, Managing Partner and founder of Fin Capital, who is also joining the Board of Directors, said, “We back repeat founders and having collaborated successfully with Jason and Rob at DailyPay, we are thrilled to support them in building Salt Labs – the future of worker equity.”
Jason Lee, CEO of Salt Labs, said, “Fin Capital was an ideal partner for us given their full life cycle investment strategy. We are looking forward to partnering with them from pre-seed to IPO. We are also excited that 100% of our institutional investors are DailyPay investors who have backed us before.”
Earlier this year, Playbook, a California-based personal finance app focused on Gen Z and Millennials, secured $7m in a Series A funding haul.
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