Yesterday, Baltimore-based fintech firm Facet Wealth mentioned it raised $25 million in financing because it readies a brand new enterprise line pitching monetary planning as an employment profit to companies seeking to recruit prime expertise.
Employment profit packages are increasing past the fundamental health club membership and healthcare to incorporate subscriptions to Netflix, reductions on supply and rideshare companies, and different perks. So why not monetary wellness?
Fringe pitches a month-to-month stipend for app purchases and subscriptions as the most recent worker profit
The thesis actually managed to draw a big-money backer, with Warburg Pincus, the multi-billion-dollar personal fairness funding agency, which doubled down on its dedication with the brand new financing into the corporate.
The firm mentioned the newest spherical could be used to finance the growth of Facet Wealth’s direct-to-consumer enterprise even because it readies its worker profit service for launch.
Already clients are signing up for pre-launch partnerships to get their workers on this system. Early wannabe customers embody ClassPass, MyVest and Chili Piper, the corporate mentioned.
“Since our first funding two years in the past, the Facet Wealth workforce has confirmed their means to fulfill a singular shopper want, evolving and increasing their providing to construct a very modern shopper expertise and enterprise mannequin,” mentioned Jeff Stein, managing director at Warburg Pincus. “Their growth into the employer market additional solidifies them as a category-defining firm that’s well-positioned to disrupt the wealth administration trade for years to come back.”
To date, Facet Wealth has raised $62 million in funding from Warburg Pincus, Slow Ventures and different, undisclosed buyers.