FinFit and Salary Finance Merge and Integrate Financial Wellness Offerings

FinFit and Salary Finance U.S. have merged and will integrate their financial wellness employee benefits.

The combined organization will operate under the FinFit brand. Its platform will include both companies’ financial wellness products and aims to help employees attain financial health, the companies said in a Wednesday (April 5) press release.

“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,” FinFit CEO David Kilby, who will lead the combined organization, said in the release.

Financial wellness tools are getting a second look as consumers drain their savings.

Consumers’ personal savings rate remains about half what it was before the pandemic, and emergency expenses and other unexpected bills can be a challenge.

In this environment, budget-focused FinTechs and innovative financial institutions may have a golden opportunity to meet consumers’ needs.

With the addition of the Salary Finance U.S. offerings, the FinFit Software-as-a-Service (SaaS) platform will include a personalized financial assessment, coaching and dashboard, budgeting, spending and savings accounts, and payroll-deducted earned wage access, advances and loans, according to the press release.

The newly merged organization’s customers will serve 500,000 U.S. employers and 10 million U.S. employees, the release said.

“Our mission at Salary Finance has been consistent from Day One: to help millions of employees around the world become financially healthier and happier,” Salary Finance Co-founder and FinFit President Asesh Sarkar said in the release. “This merger accelerates our path forward and allows us to serve clients and their employees with a more holistic set of benefits.”

PYMNTS has noted several product launches and other news around offerings designed to help improve consumers’ financial wellness.

These include Finanzguru raising $14 million to expand its financial advice/banking app, Cash App adding functions meant to make it easy for people to save for the first time, Klarna adding a feature that gamifies money management and Quicken updating its Simplifi app to allow users to share their financial information with trusted parties.