FinFit is merging with Salary Finance US, a fintech company that helps employees save and borrow money based on their salary. This will create a financial platform for the workplace that will serve more than 10 million US workers. There was no talk about money.
Both companies are a part of the rapidly growing market of financial wellness employee benefits offered through the workplace. This is because demand has skyrocketed after the pandemic and because of inflation, which has made it harder for people to make ends meet.
Over 500,000 US employers, such as Tesla, Allied Universal, and United Way, will be served by the new organization.
The combined business will be known as FinFit. The updated platform will include Salary Finance US’s financial wellness products, such as personalized financial assessments, coaching, dashboards, budgeting, spending and savings accounts, and payroll-deducted earned wage access, advances, and loans.
The new company will still be led by FinFit CEO David Kilby, and Salary Finance co-founder Asesh Sarkar will be the president.
Kilby says:
“The post-pandemic world has been tumultuous for the American worker – from inflation to rediscovering a new work-life blend. Financial instability, today more than ever, compounds stress that leads to negative productivity and health outcomes.
We are energized to be merging with Salary Finance to take FinFit to the next level, as America’s preeminent financial wellness platform supporting employees through their journey to financial health.”
