Digital banking giant Chime has acquired employee rewards startup Salt Labs. Financial terms of the deal were not disclosed.
Salt Labs and its team will be at the center of a new “Chime Enterprise” entity seeking partnerships with employers.
Salt Labs was founded in 2022 by the founders of payroll access giant DailyPay to offer a rewards benefit that works like a savings account for everyday Americans. Since its launch, the company has worked with enterprise customers across industries such as transportation, call centers and hospitality.
Salt Labs boss Jason Lee will lead the new Chime Enterprise business and drive the digital bank’s entry into the employer channel. Chime added the Earned Wages feature earlier this year.
Mark Troughton, COO< Chime, said: “This is a unique opportunity for Chime to acquire an innovative employee rewards company with key employer relationships and a founding team that has created some of the most groundbreaking technologies in the world.” the company deserves wage access space.
“Through this acquisition, we aim to work directly with employers to reach and introduce the Chime platform to millions of consumers.”