Introducing Gusto Wallet
San Francisco-based payroll company Gusto has launched Gusto Wallet, a free app for employees paid with Gusto to help them save from each paycheck, and access cash – for free – between paydays when the unexpected hits.
“Gusto Wallet puts your paycheck, banking, savings, and access to emergency funds all at your fingertips.”
Features include the ability to create up to 5 savings goals and set aside money every time you get paid, get a debit card that works with Apple Pay, Google Pay, Venmo, Square Cash, and more, and use Gusto Cashout to access money that will be automatically repaid from the next paycheck.
Users get to keep Cash Accounts (savings goals and spending account) even if they leave their current Gusto employer/user but not Gusto Wallet.
Established in 2011, Gusto serves more than 100,000 small businesses across the U.S. from processing payrolls to providing benefits like health insurance, 401(k) retirement plans, and 529 college savings plans–which have traditionally only been available through larger companies. It is a team of over 1,300 and it has raised $516 million across 11 financing rounds.
Last year it announced a $200 million Series D round at a $3.8 billion post-money valuation; nearly double what it was valued at when it raised its $140 million Series C in 2018.