SaverLife raises $1.5 million
SaverLife, a national nonprofit fintech company that helps working families “achieve prosperity through savings,” announced the launch of SaverLife Solutions with a $1.5 million investment from Prudential Financial. The new funding will enable the company to expand on an earlier yearlong SaverLife Solutions pilot program that reached 392,000 people through employers, credit unions, and community based organizations.
SaverLife was launched with the goal of inspiring, informing and rewarding the millions of Americans who need help saving money. Through “engaging technologies” and strategic partnerships, the company gives working people the methods and motivation to take control of their financial future.
SaverLife Solutions expands the organization’s mission by partnering with employers, financial institutions, and nonprofits to offer a turnkey digital savings platform that empowers people to contribute to their savings, set personal goals, access financial education resources, win prizes, and earn matched savings rewards. Through custom integrations of the company’s savings platform, SaverLife provides a benefit for employees, clients, and constituents, and a leadership role for organizations looking to promote meaningful social change.
Seed funding for the pilot SaverLife Solutions program was provided by the Annie E. Casey Foundation, Mastercard Center for Inclusive Growth, and Prudential Financial. SaverLife Solutions partners include Levi Strauss’ Red Tab Foundation, Tailored Brands, Patelco, HCA Healthcare, Alorica, Concentrix, and BECU.
“The workplace is one of the most important engines for generating individual wealth and financial security. Not only is it the place where people get paid, it’s also where employees are accustomed to engaging in employer-sponsored benefit programs that affect financial health, such as insurance and retirement. And while most companies have traditionally focused on benefits for higher-income workers, we’re seeing a trend of employers seeking out benefits that provide value to hourly workers as well.” – SaverLife President & CEO Leigh Phillips.
“Employer-sponsored financial wellness programs play a crucial role in the financial health of employees. By equipping their workforce with tools and insights on personal finance, employees can help make better financial decisions. We feel financial wellness programs such as SaverLife Solutions can help workers achieve the foundational elements of financial security, including managing day-to-day finances, achieving important financial goals, and protecting against key financial risks.” – Kimberly Ostrowski, VP of corporate social responsibility at Prudential.