Chime, widely recognized for its popular banking app, has strategically acquired Salt Labs, a tech company founded in 2022 that helps hourly workers to maximize their earnings' long-term value. This acquisition provides Chime with Salt Labs’ enterprise client relationships, paving the way for primary account growth and new revenue streams. Salt, the primary product of Salt Labs, serves as a rewards benefit for employees, similar to a savings account for the average American. Salt Labs has collaborated with a diverse array of enterprise clients in industries including transportation, contact centers, hospitality, and parking services since its inception. This acquisition aligns with Chime’s mission to empower everyday people, adding enterprise capabilities and sector expertise to its portfolio.
Chime plans to leverage Salt Labs’ employer relationships, introducing millions of new users to the Chime platform and enhancing the Chime MyPay earned wage access platform. Additionally, Chime will establish a new business unit, Chime Enterprise, led by Jason Lee, to drive growth through the employer channel beyond Salt Labs’ flagship products. Chime’s acquisition of Salt Labs highlights its dedication to financial progress and transparency. By integrating Salt Labs’ solutions, Chime continues to revolutionize basic banking services, prioritizing consumer benefits over fees and ensuring a motivated workforce.
