- Acquisition Details: US neobank Chime has acquired employee rewards start-up Salt Labs for an undisclosed amount to strengthen its new enterprise division.
- Leadership: Salt Labs’ CEO, Jason Lee, will lead Chime’s newly created enterprise division.
- Salt Labs’ Product: Salt Labs offers a proprietary platform similar to a traditional savings account for hourly workers. It uses a points-based system where workers earn points for every hour worked, which can be redeemed for various rewards like products, experiences, or offers such as stock or event tickets.
- Integration with Chime: Salt Labs’ team and service will be integrated into Chime Enterprise, focusing on accelerating Chime’s growth through the employer channel and expanding beyond Salt Labs’ existing offerings.
- Chime MyPay: The acquisition complements Chime’s development of the Chime MyPay platform, which aims to provide earned wage access of up to $500 for US workers.
- Company Valuation: Chime was most recently valued at $25 billion, but the financial terms of the acquisition have not been disclosed.
