Salt Labs, a loyalty and financial technology company, has raised $8 million in funding from Third Prime Capital, bringing its total funding to $18 million. The company helps employers offer a loyalty-earned asset called Salt to their workforces. Employees can earn Salt based on the time and effort invested in their work, and can then allocate and spend it on various items, experiences and savings products.
Salt aims to be a cost-effective tool for employers to enhance employee retention and productivity. Since its launch earlier this year, Salt Labs has seen success in its pilot market of Puerto Rico, where one in seven hourly workers in industries like restaurants and hospitality now earn Salt. The company has already driven improvements in employee retention rates among its early customers, with Salt users experiencing a 72 percent lower turnover rate compared to non-Salt users in November.
Salt Labs is working to help companies overcome operational challenges and create better financial outcomes for their employees. The company plans to use the funding to bring Salt to large enterprises in the United States.
