The financial technology (fintech) sector has grown rapidly in recent years. Awareness and use of fintech has grown as companies in this sector have increased their user-friendly design, convenience, and accessibility. A unique fintech niche that has developed rapidly alongside the overall industry is known as “employer-channel fintech.” Offered by employers, these solutions or benefits range from financial coaching to savings and loans, with the goal of supporting employees’ financial health and well-being. By helping employees with financial challenges, the fintechs also have the potential to improve related workplace outcomes like retention, satisfaction, and productivity.
Better understanding the impact of employerchannel fintechs is important to a range of actors, including employers, the fintechs themselves, and investors. To explore the role these products and services play in workers’ financial health and employment outcomes, our Financial Solutions Lab (FSL) partnered with the Social Policy Institute (SPI) at Washington University in St. Louis to study five companies from our Accelerator program that operate in this space. Our findings from individual exploratory studies with each company – Brightside, HoneyBee, Manifest, MedPut, and Onward – are highlighted in this report and fully explored in separate company-specific briefs.
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