Tech startup Salt Labs is aiming to eliminate the wealth gap for frontline workers

Two years ago, the COVID-19 epidemic brought national attention to the crucial role of frontline workers. These dedicated individuals, including nurses, paramedics, police officers, firefighters, grocery store workers, delivery drivers, and public transportation employees, put their lives on the line to provide essential services necessary for the well-being of the community, while many others were able to work from the safety of their homes.

It is often the case that frontline workers are not afforded the same opportunities for a variety of technology or cost reasons, unlike white-collar workers who are afforded several opportunities to build long-term wealth through company stock plans, partnership interests, or even a 401 k plan. This has resulted in the growing wealth gap disparity. One tech startup is on a mission to eliminate the wealth gap disparity for frontline workers.

Salt Labs, a York-based startup, is a startup that wants to allow hourly workers to own the long-term value of their work. Salt Labs was founded by Jason Lee and Rob Law, who co-founded the on-demand pay industry, which created the on-demand pay industry to address income inequality for hourly workers.

Salt Labs has closed a $10 million pre-seed funding round that was led by Fin Capital to grow its rewards platform for hourly workers. The funding was also announced by Salt Labs that Logan Allin, Managing Partner and founder of Fin Capital, has joined the Board of Directors, along with media veteran Gary Ginsberg, who is also joining Salt Labs'board of directors as an advisor.

The Salt platform will give contract workers the chance to earn rewards for every hour they work. These rewards can be redeemed for goods and experiences, like other rewards programs, or transferred to family and friends.

Logan Allin, Managing Partner and founder of Fin Capital, said that we back repeat founders and have collaborated with Jason and Rob at DailyPay and we are thrilled to support them in building Salt Labs the future of worker equity. Jason Lee, CEO of Salt Labs, said that Fin Capital was an ideal partner for us because of their full life cycle investment strategy. We are looking forward to partnering with them from pre-seed to IPO. We are excited that 100% of our institutional investors are DailyPay investors who have backed us before.