The founders of earned wage access giant DailyPay have unveiled a new venture, called Salt Labs, providing a rewards platform for hourly workers.
Emerging from stealth with $10 million in pre-seed funding, Salt Labs says it wants to help America's millions of hourly workers to own the long-term value of their work.
The startup says that salaried workers are afforded opportunities to build long-term wealth through company stock plans, partnership interests, or even a 401k plan. But, it is often the case that frontline workers aren’t afforded those same opportunities for a variety of technology or cost reasons.
The Salt Labs platform, slated to launch next month, aims to change this with a loyalty app that enables frontline workers to earn a unique rewards currency called "Salt" for every hour that they work.
Initially, the app will enable the user to earn Salt which they can redeem for goods and experiences, much in the same way that other loyalty programme work.
"However," says a blog "over time, our plan is to continue to build properties and features that make Salt 'more asset-like,' as opposed to 'points-like.'"
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