The Bank Slate


Chime buys employee rewards fintech Salt Labs

Chime in San Francisco has acquired Salt Labs, which provides incentive programs for businesses and employee rewards.

The Salt Labs team, led by founder and CEO Jason Lee, and its offerings will become a part of Chime. Chime also said it will gain immediate access to Salt Labs’ enterprise client relationships.

Lee will lead a new business unit called Chime Enterprise. Financial terms were not disclosed.

“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, Chime’s chief operating officer, said in a press release.

“Through this acquisition, we will aim to partner directly with employers to reach millions of consumers and introduce them to the Chime platform,” he added. “We look forward to leveraging Salt Labs’ existing relationships with employers.”

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