FinFit Announces $7 Million Funding Round
Despite concerns from some regulators that the rise of FinTech has posed a threat to consumers, the truth is that the industry has mostly been a benefit to the financial health of Americans and those around the globe. Among those leveraging financial technologies in this way is FinFit. Now the company has raised a round of funds that will help them further pursue that mission. The $7 million Series B was led by Galaxy Investment Partners with existing investors Bison Capital Asset Management and others also participating.
FinFit partners with a number of businesses to offer employees financial tools, resources, and education. According to their site, this includes early wage access, a prepaid Visa card, a financial dashboard, and more. Currently these services reach employees of more than 125,000 companies.
In a press release FinFit president David Kilby said of their latest funding round, “This investment is a testament to FinFit’s growth and limitless potential. It enables us to refine our disruptive platform that is available to millions of employees, helping them improve their personal finances which is proven to create positive ROI for employers.” Kilby went on to say, “We’re very excited to continue to help employers increase their profitability by helping to reduce their employees’ stress levels and guide them down the path to financial freedom.” Meanwhile Nick Holderness of Galaxy Investment Partners said of his company’s investment in the FinTech, “FinFit partners and clients are quickly adopting its innovative and comprehensive financial wellness solution, validating the offering and vision. With differentiated technology and a strong leadership team, we believe that FinFit is well-positioned to continue to drive exponential growth and further solidify its best-in-class solution in this fast-growing industry. We’re excited to lead FinFit’s Series B round, partnering with its team and investors to further accelerate the company’s rapid expansion.”
The Series B round continues a big year for FinFit that started with the debut of their prepaid Visa card this January. Then, earlier this month, the platform rolled out 20 interactive financial calculators that are accessible to all — not just FinFit members. Additionally the company recently announced a partnership with Group Management Services (GMS) that would bring FinFit services to 25,000 GMS employees.
Compared to some other recent FinTech rounds, FinFit’s $7 million investment might not seem like much. However it seems clear that the firm will put the capital to good use by continuing to roll out new product and services. More importantly the company seems well on their way to helping even more American workers improve their financial lives.