Sorbet provides a platform that allows employees to access the cash value of their unused paid time off (PTO) before leaving their jobs, enabling immediate financial liquidity without impacting their regular paychecks. This service addresses the issue of unutilized PTO, enhancing employee financial wellness and retention while offering employers a cost-free benefit to improve workforce satisfaction.
Funding
$22.5M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many employees accumulate unused paid time off (PTO) that they can only access when they leave their job, creating a liquidity gap and potentially losing value if not fully paid out. This can limit employees' financial flexibility and prevent them from using their earned time off when they need it most.
Solution
Sorbet provides a platform that enables employees to access the cash value of their accrued, unused PTO before termination, offering immediate financial liquidity without affecting their regular paychecks. Employees can calculate the value of their PTO, apply for an advance, and receive funds directly to their bank account, repaying the amount when they receive their PTO payout from their employer or at the end of the term. This service enhances employee financial wellness by allowing them to utilize the value of their PTO when needed, while offering employers a cost-free benefit to improve workforce satisfaction and retention.
Target Audience
The primary target audience includes employees with accrued, unused PTO seeking immediate access to its cash value, as well as employers looking to enhance their benefits package and improve employee financial wellness without incurring additional costs.
Features
- PTO value calculator to estimate payout at termination.
- Application process with no credit check required.
- Fast funding, with money deposited into the employee's bank account within 1-5 business days.
- Low monthly interest payments on advanced PTO funds.
- Repayment options at the end of the term or upon PTO payout from the employer.
- Employer program to offer Sorbet as a voluntary benefit, improving employee financial wellness and retention.