Salt Labs Raises Additional $8M in Funding

Salt Labs

Salt Labs, a NYC-based loyalty and financial technology company for employers and employees, raised additional $8M in funding.

The round, which brought the total amount to $18M, was led by Third Prime. Third Prime’s Mike Kim will join the Board of Directors, alongside Logan Allin, Managing Partner and founder of Fin Capital, who led the company’s pre-seed financing earlier this year.

The company intends to use the funds to expand operations and its business reach to bring Salt to large enterprises in the USA.

Launched in late 2022 by Jason Lee and Rob Law, who founded DailyPay, a $2bn HR and FinTech company, Salt Labs is helping to build a workforce where hourly employees can measure, capture and ultimately reward themselves for the work they do, in turn creating better financial outcomes and a more engaged workforce. Its initial pilot market was Puerto Rico, where one in seven hourly workers across key sectors like restaurants and hospitality now earn Salt, a loyalty earned asset which allows employees to allocate and spend it, including spend for everyday items, aspirational experiences, and financial savings products.

Since inception, more than 75,000 Salt users have mined over 7 million Salt.