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 centre of a new 'Chime Enterprise’ unit that will look to partner with employers.
Salt Labs was set up in 2022 by the founders of earned wage access giant DailyPay to provide a rewards benefit that acts like a savings account for everyday Americans. Since launch, it has worked with enterprise clients across industries such as transportation, call centres and hospitality.
Salt Labs boss Jason Lee will lead the new Chime Enterprise business, spearheading the digital bank's move into the employer channel. Chime added an "earned wage" feature earlier this year.
Mark Troughton, COO< Chime, says: “This is a one-of-a-kind opportunity for Chime to acquire an innovative employee rewards company that has key employer relationships, and a founding team that has created some of the most disruptive technology in the enterprise earned wage access space.
“Through this acquisition, we will aim to partner directly with employers to reach millions of consumers and introduce them to the Chime platform."