Salt Labs
About Salt Labs
Salt Labs provides a loyalty and financial technology platform that allows hourly employees to convert their work hours into a digital currency called Salt, which can be saved or redeemed for various rewards. This system addresses the lack of financial security for frontline workers by enabling them to build asset ownership and long-term savings through their labor.
```xml <problem> Frontline and hourly workers often lack access to traditional financial tools and incentives, making it difficult to build savings and achieve financial security. Existing financial wellness programs, like 401(k)s, are not always accessible or effective for this demographic due to paycheck constraints and job turnover. This lack of financial security can lead to decreased job satisfaction and higher employee turnover rates for employers. </problem> <solution> Salt Labs provides a loyalty and rewards platform that enables hourly employees to convert their work hours into a digital asset called Salt, which can be saved or redeemed for various rewards, financial products, or experiences. Employees earn one Salt for each hour worked, creating a new store of value that encourages saving and promotes a long-term financial mindset. This system aims to address the financial challenges faced by frontline workers by providing a tangible way to build asset ownership and increase their sense of financial security. Employers can leverage Salt to improve employee retention, increase job satisfaction, and foster a culture of ownership among their workforce. </solution> <features> - Hour-based earning: Employees earn one Salt for every hour they work. - Digital wallet: Employees can view and manage their Salt balance through a dedicated mobile app. - Reward redemption: Salt can be exchanged for a variety of rewards, including merchandise, travel experiences, and financial wellness products. - Savings encouragement: The platform encourages employees to save their Salt balance for long-term goals. - Employer-sponsored rewards: Employers can sponsor extra rewards to incentivize specific behaviors or achievements. - Hour validation: Proprietary technology validates logged hours to prevent fraud. - Retroactive hour logging: Employees can log missed hours retroactively (3 days for employer-connected employees, 1 day for non-connected). </features> <target_audience> The primary target audience includes frontline and hourly workers who seek to improve their financial security, as well as employers looking to boost employee retention, engagement, and job satisfaction among their hourly workforce. </target_audience> <revenue_model> Salt Labs generates revenue by offering its platform to employers, who likely pay a subscription fee or a per-employee fee to provide Salt as a benefit to their workforce. </revenue_model> ```
What does Salt Labs do?
Salt Labs provides a loyalty and financial technology platform that allows hourly employees to convert their work hours into a digital currency called Salt, which can be saved or redeemed for various rewards. This system addresses the lack of financial security for frontline workers by enabling them to build asset ownership and long-term savings through their labor.
Where is Salt Labs located?
Salt Labs is based in East New York, United States.
When was Salt Labs founded?
Salt Labs was founded in 2022.
How much funding has Salt Labs raised?
Salt Labs has raised 8000000.
- Location
- East New York, United States
- Founded
- 2022
- Funding
- 8000000
- Employees
- 15 employees
- Major Investors
- Third Prime