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Chime Acquires Salt Labs to Enhance Financial Progress for Hourly Workers

Author

Slice of Finance Team
04 Jul

Key Highlights:

  • Chime acquires Salt Labs, integrating employee rewards technology.

  • Salt Labs team, led by Jason Lee, joins Chime.

  • Chime Enterprise unit to accelerate growth through employer partnerships.

  • Focus on expanding Chime's MyPay™ earned wage access platform.

Source (Business Wire)

Notable Quotes:

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“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.”

Mark Troughton, COO at Chime
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“We’ve always believed that financial progress begins with employment and should be centered around the primary financial account. We are thrilled to be part of this next stage of growth at Chime and to build Chime Enterprise alongside the incredible team at Chime.”

Jason Lee, Founder and CEO at Salt Labs

Our Take:

Chime's strategic acquisition of Salt Labs is a significant move towards enhancing its enterprise capabilities and supporting hourly workers' financial progress. By integrating Salt Labs' technology and expertise, Chime positions itself to tap into new revenue streams and primary account growth through direct employer partnerships. This acquisition aligns with Chime's mission of empowering everyday people financially, and the creation of Chime Enterprise under Jason Lee's leadership is expected to drive substantial growth and innovation in the earned wage access space.