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M&A
Chime acquires employee rewards company Salt Labs for undisclosed amount
Neobanks
Jun 26, 2024
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Jun 26, 2024

Chime acquires employee rewards company Salt Labs for undisclosed amount

M&A

  • Chime, a digital bank serving the B2C segment, has purchased Salt Labs, an enterprise employee rewards company, for an undisclosed sum. As a result of the acquisition, the Salt Labs team, under the leadership of Jason Lee, will integrate its products into Chime.

  • In conjunction with this acquisition, Chime will introduce a new division called Chime Enterprise—also headed by Jason Lee—which will concentrate on expanding Chime's growth through employer channels beyond Salt Labs’ main offerings. This move will grant Chime immediate access to Salt Labs' enterprise client relationships, paving the way for new primary account growth and additional revenue streams.

  • In addition, Chime plans to build on Salt Labs' existing employer relationships and expand its earned wage access platform, Chime MyPay, to meet the needs of everyday individuals.

  • Formed in 2022, Salt Labs is best known for its flagship product, Salt, which operates as an employee rewards benefit and savings account for everyday American workers. Its clients include enterprises across various sectors, ranging from transportation and call centers to hospitality and parking services.

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