FinFit and Salary Finance U.S. announced a merger this week, creating what the companies say will be the most comprehensive workplace financial wellness platform in the U.S.
The merged organization will service over 500,000 U.S. employers and over 10 million U.S. employees, in employers ranging in size from 4 employees to 400,000 employees, including household name brand employers like Tesla, Allied Universal, and United Way, and through an exclusive partnership with the payroll provider, Paychex.
The combined organization will operate under the FinFit brand, with the updated platform including Salary Finance U.S.’s financial wellness products. With these additions, FinFit’s SaaS-based platform will include a personalized financial assessment, coaching and dashboard, budgeting, spending and savings accounts, and payroll-deducted earned wage access, advances, and loans.
Virginia Beach, Va.-based FinFit CEO and Founder David Kilby will continue to lead the combined organization, and Boston-based Salary Finance’s Co-Founder Asesh Sarkar will serve as President.
“The post-pandemic world has been tumultuous for the American worker – from inflation to rediscovering a new work-life blend. Financial instability, today more than ever, compounds stress that leads to negative productivity and health outcomes,” said David Kilby, CEO of FinFit. “We are energized to be merging with Salary Finance to take FinFit to the next level, as America’s preeminent financial wellness platform supporting employees through their journey to financial health. Our organizations share this vision, and our combined capabilities and scale will ensure we will deliver on our core values to build financial wellness opportunities for all.”
The merger comes at a time when there has never been more emphasis from businesses to create wellness programs for employees and, in particular, wellness programs that focus on the financial stress and pressure today’s worker feels. According to the most recent research data from FinFit and Salary Finance U.S., which will be released later this spring, 49% of U.S. workers are feeling financial stress. A majority, 70%, are worried about a recession impacting them, and 61% say they have less cash on hand now than they did a year ago.
Financial stress in the workforce leads to ineffectiveness at work, troubled relationships, and a drop in productivity, creating a compelling financial and moral case for employers to act.
“Our mission at Salary Finance has been consistent from day one: to help millions of employees around the world become financially healthier and happier. This merger accelerates our path forward and allows us to serve clients and their employees with a more holistic set of benefits. I am excited to be working with David and the combined team as we move to the next stage of our journey,” said Asesh Sarkar, Salary Finance Co-Founder and President of FinFit.
Clients of Salary Finance U.S. and FinFit will continue to be served as they are today, with details of the option to upgrade to the new FinFit platform to be shared soon.
SEE ALSO:
• Financial Stress a Reliable Predictor of Financial Wellness
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
