Digital banking giant Chime has acquired employee rewards startup Salt Labs, although the financial details of the transaction remain undisclosed.
Salt Labs and its team will form the core of a new initiative called ‘Chime Enterprise,’ which will focus on partnerships with employers. Established in 2022 by the founders of earned wage access company DailyPay, Salt Labs aims to provide a rewards benefit that functions similarly to a savings account, targeting everyday Americans. Since its inception, the startup has engaged with enterprise clients across various sectors, including transportation, call centers, and hospitality.
Jason Lee, the head of Salt Labs, will take the helm of the new Chime Enterprise division, leading the digital bank’s expansion into the employer sector. Earlier this year, Chime introduced an earned wage feature to its offerings.
Mark Troughton, COO of Chime, stated, “This is a unique opportunity for Chime to acquire an innovative employee rewards company that has established key employer relationships and a founding team that has developed some of the most disruptive technology in the earned wage access space. Through this acquisition, we aim to collaborate directly with employers to reach millions of consumers and introduce them to the Chime platform.”