FinFit, a financial wellness benefit platform, has bagged $7m in its Series B round to support its growth plan.
The round was led by Galaxy Investment Partners, which is the family office of Michael Novogratz. Participation also came from existing backer Bison Capital Asset Management, as well as some unnamed firms.
Capital from the series will be used to support the growth of FinFit and launch new, enhanced products for customers.
Founded in 2008, FinFit provides employees with access to tools to measure their financial fitness and improve their financial literacy. Some of the features include short-term loans, student loan support, financial assessments, budget calculators, and a financial dashboard.
The company recently released its FinFit Visa Prepaid Card which simplifies money management for employees. Users can get their paycheck paid directly into the account, and then use the card to access funds from ATMs, make payments anywhere Visa is accepted or pay bills online without having to connect a bank account.
Another newly launched service from FinFit is the WageNow program, which gives employees easy access to earned, unpaid wages before the scheduled payday.
FinFit President David Kilby said, “This investment is a testament to FinFit’s growth and limitless potential. It enables us to refine our disruptive platform that is available to millions of employees, helping them improve their personal finances which is proven to create positive ROI for employers.
“We’re very excited to continue to help employers increase their profitability by helping to reduce their employees’ stress levels and guide them down the path to financial freedom.”
Last year, the company received a $35m senior credit facility from Ares Management to support the expansion of its wellness services.
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