This fintech is helping hourly-wage workers build wealth through a rewards points system.

Salt Labs is a loyalty and payments financial-technology company. The startup just launched its app, Salt, which allows hourly employees to earn points, called “Salt,” for every hour they work. Salt can be redeemed for goods and experiences, including wealth-building resources like savings bonds.

“The mission of Salt Labs is to enable hourly workers to own the long-term value of their work,” Jason Lee, founder and CEO of Salt Labs, told Insider. “And we want to effectively create asset-ownership for the work that’s being done.” 

Lee previously founded DailyPay, an earned-wage access startup. Prior to DailyPay, he was a managing director in the equity capital markets group at Goldman Sachs.

Salt Labs announced a $10 million pre-seed round on March 29, led by Fin Capital. Lee declined to share the startup’s valuation.

Lee compared Salt to a frequent flyer miles program. In the same way a flyer earns “miles” for every flight, employees earn one Salt for every hour they work. But unlike flyer miles and other rewards programs, the Salt that employees earn never expires, meaning it can be accrued over their tenure. 

Salt can be redeemed everything from educational resources like training programs, to savings products, and personal consumption like trips. Salt can also be transferred between users like a peer-to-peer payment app. Read the full story here.