Salt Labs, a FinTech bridging the gap between employees and employers, has raised an $8m investment from Third Prime.
This significant funding elevates the company’s total capital to $18m, reflecting its strides in pre-Seed and Seed financings.
Jason Lee, CEO and co-founder of Salt Labs, articulated the company’s ethos, “Salt Labs has built a loyalty earned asset for the workplace whose value is derived from the most significant investment of hourly workers—their time. We are excited that we can add Third Prime as one of our incredible backers who shares our vision of the future of work.”
Salt, the brainchild of Salt Labs, represents a novel asset grounded in the substantial time investment of hourly workers. Since its inception earlier this year, Salt has emerged as a coveted loyalty earned asset.
Offering flexibility, Salt allows employees to spend on daily necessities, aspirational experiences, or save for future financial needs. Salt symbolizes a tangible appreciation of workers’ contributions, promoting asset ownership and life enjoyment.
Initially piloted in Puerto Rico, Salt gained quick traction, with one in seven hourly workers in sectors like hospitality and restaurants now earning Salt. Remarkably, workers perceive Salt’s value as tenfold compared to its cost to employers, making it a cost-efficient and effective tool for companies. To date, over 75,000 users have accumulated more than 7 million Salt.
Highlighting the significance of this innovation, Mike Kim, General Partner at Third Prime and new board member, noted, “Salt is the solution that employers and the evolving workforce require amidst this unprecedented labor crisis. With their expertise, demonstrated in the development of DailyPay, Jason Lee and the Salt Labs team are ideally suited to assist companies in navigating employee retention and productivity challenges.”
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
