Salt Labs, a Rewards Platform, Raises $8 Million in Seed Funding
Salt Labs, a nascent company in the realm of loyalty and payments technology, has secured $10 million in a pre-seed funding round aimed at revolutionizing the way hourly workers earn.
Fin Capital spearheaded the financing, with backing from Anthem Venture Partners and various other investors.
Salt Labs’ founding duo comprises Jason Lee and Rob Law, previously known for their collaboration in establishing the unicorn company DailyPay, which pioneered the on-demand pay industry to combat income inequality among hourly workers.
The core mission of Salt Labs is to empower hourly workers to accrue the lasting value of their labor. Unlike their white-collar counterparts, who often have multiple avenues to amass long-term wealth through company stock plans, partnership interests, or 401(k) plans, frontline workers frequently lack such opportunities due to technological limitations or cost constraints, exacerbating the wealth gap disparity.
Salt Labs’ technology alters the paradigm of earning for workers, facilitating them to capture the value of their labor on top of their regular wages.
Through its innovative approach, Salt Labs endeavors to reshape the earning landscape for hourly workers, fostering progress toward a more financially secure future. The initial iteration of the product is slated for launch next month.
Logan Allin, Managing Partner and founder of Fin Capital, who also assumes a role on the Board of Directors, commented, “We support seasoned entrepreneurs, and having previously collaborated successfully with Jason and Rob at DailyPay, we are enthusiastic about backing them in shaping Salt Labs – the vanguard of worker equity.”
Jason Lee, CEO of Salt Labs, expressed, “Fin Capital proved to be an ideal ally for us due to their comprehensive investment strategy. We eagerly anticipate partnering with them from the pre-seed stage to IPO. Furthermore, we’re delighted that 100% of our institutional investors are DailyPay backers who have previously supported us.”
