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Chime acquires Salt Labs

Friday 28 June 2024 10:17 CET | News

US-based fintech Chime has announced the acquisition of Salt Labs, receiving immediate access to the latter’s enterprise client relationships. 

In a bid to support its development strategy, Chime acquired Salt Labs, an enterprise technology company that assists hourly workers in achieving financial wellness. Through this move, Salt Labs and its offering became part of Chime, with the latter receiving immediate access to its enterprise client relationships. This is set to provide additional opportunities for new primary account expansion and revenue streams. At the time of the announcement, transaction details were not disclosed by the company.

US-based fintech Chime has announced the acquisition of Salt Labs, receiving immediate access to the latter’s enterprise client relationships.

Why did Chime acquire Salt Labs?

By acquiring Salt Labs, Chime aims to advance its commitment to enabling individuals to gain financial progress with the inclusion of enterprise features and sector knowledge. Salt Labs’ product, Salt, is an employee rewards benefit that allows US-based customers to use it as a savings account. Since its inception, the firm entered collaborations with several enterprise clients across multiple industries, including transportation, call centres, hospitality, and parking services.

According to Chime’s officials, the move enables the company to receive access to an employee rewards company that previously built employer relationships and a team that developed technology in the enterprise earned wage access sector. As part of the acquisition, Chime intends to directly collaborate with employers to reach more consumers and introduce them to the fintech’s platform.

Furthermore, Chime is set to introduce a new business unit, Called Enterprise, which plans to focus on accelerating the company’s expansion via the employer channel, outside of Salt Lab’s products. Representatives from Salt Labs underlined that their firm’s mission is to support financial progress through employment and products that are focused on the primary financial account. Also, Salt Labs aims to support Chime in its next stage of development and in creating Chime Enterprise alongside the fintech’s team.

Shortly before the current news, Chime introduced MyPay, a low-cost offering that enables customers and members to access up to USD 500 of their pay before payday. The solution was set to be utilised to improve the banking experience by allowing users to benefit from financial progress.

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Keywords: acquisition, digital banking, product launch, financial services, financial inclusion
Categories: Banking & Fintech
Companies: Chime, Salt Labs
Countries: United States
This article is part of category

Banking & Fintech

Chime

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Salt Labs

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