FinFit, a FinTech company that provides over 125,000 employers with a unique financial wellness benefit platform, today announced that the company has raised $7 million in Series B funding.
The round was led by Galaxy Investment Partners LLC, the family office of Michael Novogratz, with participation from existing investors Bison Capital Asset Management, LLC and others. The capital will be used to solidify the company’s growth plan and sustain its vision to provide a unique financial wellness benefit platform to today’s workforce.
“This investment is a testament to FinFit’s growth and limitless potential. It enables us to refine our disruptive platform that is available to millions of employees, helping them improve their personal finances which is proven to create positive ROI for employers,” said David Kilby, President, FinFit and author of The New Productivity Engine: The compelling impact of financial wellness in the workplace. “We’re very excited to continue to help employers increase their profitability by helping to reduce their employees’ stress levels and guide them down the path to financial freedom.”
“FinFit partners and clients are quickly adopting its innovative and comprehensive financial wellness solution, validating the offering and vision,” said Nick Holderness of Galaxy Investment Partners LLC. “With differentiated technology and a strong leadership team, we believe that FinFit is well positioned to continue to drive exponential growth and further solidify its best-in-class solution in this fast-growing industry. We’re excited to lead FinFit’s Series B round, partnering with its team and investors to further accelerate the company’s rapid expansion.”
This investment will help FinFit continue to launch and enhance products and features, and grow its team. Most recently, FinFit announced several new products including FinFit Visa® Prepaid Card, which simplifies money management and is free to all FinFit members; and its WageNow program, which allows employees to access earned, unpaid wages before their scheduled payday. As a result of the company’s success and growth, FinFit has continued to build out its leadership team, including the recent additions of Matthew Fahy, Chief Financial Officer; and Paul Grosch, Chief Technology Officer.