Banking app Chime acquires enterprise employee rewards company Salt Labs

Banking app Chime acquires enterprise employee rewards company Salt Labs

Chime have announced that it has acquired Salt Labs, an enterprise technology company focused on helping hourly workers own the long-term value of their work. As part of the acquisition, the Salt Labs team, led by Jason Lee, and the company’s offerings will become a part of Chime. Chime will gain immediate access to Salt Labs’ enterprise client relationships, opening opportunities for new primary account growth and revenue streams. Transaction details were not disclosed.

Chime’s acquisition of Salt Labs builds on its overarching mission of empowering everyday people to unlock financial progress with the addition of world-class enterprise capabilities and sector knowledge. Founded in 2022, Salt Labs’ flagship product, Salt, is an employee rewards benefit that acts like a savings account for everyday Americans. Since launch, Salt Labs has partnered with a diverse set of enterprise clients across industries such as transportation, call centers, hospitality, and parking services.

“This is a one-of-a-kind opportunity for Chime to acquire an innovative employee rewards company that has key employer relationships, and a founding team that has created some of the most disruptive technology in the enterprise earned wage access space,” said Chime COO, Mark Troughton. “Through this acquisition, we will aim to partner directly with employers to reach millions of consumers and introduce them to the Chime platform. We look forward to leveraging Salt Labs’ existing relationships with employers and building upon the Chime MyPay™ earned wage access platform to further address the needs of everyday people.”

Aligned with the acquisition, Chime will launch a new business unit called Chime Enterprise, led by Jason Lee, that will be focused on accelerating Chime’s growth through the employer channel, beyond Salt Labs’ flagship products.

“We’ve always believed that financial progress begins with employment and should be centered around the primary financial account,” said Jason Lee, Founder and CEO of Salt Labs and Founder of DailyPay. “We are thrilled to be part of this next stage of growth at Chime and to build Chime Enterprise alongside the incredible team at Chime.”