After helping workers get paid faster at DailyPay, Jason Lee and Rob Law want to help now them build wealth at Salt Labs.
Recently emerging out of stealth, Salt Labs is an HR and fintech startup that enables hourly workers to own the value of their work, Lee, Salt Labs’ CEO, explained. It’s an intriguing idea that allowed Lee and Law to raise $10 million in pre-seed funding. Fin Capital led the round, with all of DailyPay’s funders backing Salt Labs too.
“I have this core belief that there is much great technology that’s been built for a lot of rich people to spend their money,” Lee began. “There is not much great technology for people trying to make ends meet.”
How Salt Labs helps hourly workers build wealth
Lee said hourly workers miss out on wealth-building opportunities such as stock options, 401Ks, and partnerships. While growing DailyPay, he saw a chance to help them build wealth that accrues with their efforts.
The disparity dates back centuries, with some families able to pass assets and savings to the next generation and some excluded. Laws were passed that allowed some people to receive plots of land but not others. Later legislation like the GI Bill provided opportunities, but only to some. The problem compounds with the generations.
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