Salt Labs, Day 1. All 60 square feet of it.
(opinions my own)
Today, I am announcing that Salt Labs has been acquired by Chime, the #1 most loved banking app.
I have long admired what Chris, Ryan, Mark, and the team at Chime have built. I love the mission to unite everyday Americans to unlock their financial progress. I love how they have completely dominated the category, outhustling all other digital banking offerings out there. And I love how they have obsessed and obsessed over customers and in so doing, have built a generational brand and company. I also love the company, as a company. For me, this is like joining DailyPay circa 2017. Chime is a rocket ship and I’m getting in early.
Our vision at Chime is to unite everyday Americans to unlock their financial progress, and now, we can do that at the best workplaces in the nation. For the last 18 months, at Salt Labs, we discovered that everyday Americans have deep intent to save and to build for the future. But sometimes life gets in the way. So we invented technology that makes it simple and easy for people to save. Workers earn Salt — an employee reward — simply for spending their time at work, and over time, they build an ever-growing balance of Salt simply by working. For the employee, her Salt Balance acts like her first real Savings Balance. From it, she can redeem her Salt at any time for the things she’s always wanted to save for.
Remarkably, employees save 59% of their Salt. This compares to an average savings rate of that same worker’s paycheck of negative 2%. This financial progress is not only good for the employee but also good for the employer who benefits from a more stable workforce, higher retention, and deeper engagement.
On a personal note, I am beyond excited to continue building for everyday Americans. Over the last few years, there has been a meteoric rise in the number of employee benefits offered through employers that are really just banking products. These employee benefits enable workers to access liquidity, build savings, and monetize employment-related assets. I see an immense opportunity to bring these benefits under one umbrella in a low-cost, compliant, and durable way.
One last thing: Salt Labs was founded by a team of ride or die believers who value loyalty, mission, and impact above all else. I couldn’t be happier for what this means for them and their families both personally and financially. As their leader, it is my job to fight for them and their families, no matter how hard it gets, and to never stop building.
If you’re interested in switching to Chime, please use my referral link! All referral proceeds will be donated to charity.
