Salt Labs, a New York-based new loyalty and payments technology company, has secured $10M in a pre-Seed round of funding led by Fin Capital, with participation from Anthem Venture Partners and others.
Besides the funding round, Salt Labs also announced that media veteran Gary Ginsberg has joined Salt Labs as a board advisor.
Salt Labs was founded by Jason Lee and Rob Law, who also founded unicorn firm DailyPay, which created the on-demand pay industry to address income inequality for hourly workers.
With DailyPay, the founder’s vision was to empower frontline workers to better themselves financially by controlling the timing of their pay.
However, the duo left their operating roles at DailyPay in mid-2022, and announced their new venture Salt Labs.
The mission of Salt Labs is to enable hourly workers to own the long-term value of their work.
In general, white-collar workers have several opportunities to build long-term wealth through company stock plans, partnership interests, or even a 401k plan.
However, it is not the case with frontline workers.
Eliminating growing wealth gap disparity
Salt Labs’ technology changes how a worker earns and enables them to capture the value of their work, on top of their regular paycheck.
Through its offering, Salt Labs is reinventing how hourly workers earn to help them build toward a secure financial future.
An initial version of the product is meant to launch next month, says the company.
“We back repeat founders and having collaborated successfully with Jason and Rob at DailyPay, we are thrilled to support them in building Salt Labs – the future of worker equity,” said Logan Allin, Managing Partner and founder of Fin Capital, who is also joining the Board.
“Fin Capital was an ideal partner for us given their full life cycle investment strategy. We are looking forward to partnering with them from pre-seed to IPO. We are also pleased that 100% of our institutional investors are DailyPay investors who have backed us before,” said Jason Lee, CEO of Salt Labs.
