The founders of earned wage access platform DailyPay have launched a new initiative called Salt Labs, aimed at creating a rewards platform for hourly workers.
Emerging from stealth mode with $10 million in pre-seed funding, Salt Labs intends to empower the millions of hourly workers in America to cultivate the long-term value of their labor. The startup highlights that while salaried employees often have access to wealth-building opportunities such as company stock plans, partnership interests, and 401(k) plans, frontline workers frequently lack similar options due to various technological or cost-related barriers.
Set to launch next month, the Salt Labs platform will feature a loyalty app that allows frontline workers to earn a distinctive rewards currency named “Salt” for each hour they work. Initially, users can redeem their earned Salt for goods and experiences, akin to other loyalty programs. However, as stated in their blog, the long-term vision is to develop features that enhance the asset-like qualities of Salt, moving away from a simple points-based system.
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