SAN FRANCISCO--(BUSINESS WIRE)--SaverLife, a nonprofit fintech focused on building financial security for low-income Americans, announced today that it has signed a definitive agreement to acquire Onward Financial, a non-profit whose employer-sponsored mobile savings app enables workers of all income levels to build financial security.
The acquisition of Washington D.C. -based Onward Financial, created in 2016, will further increase SaverLife’s presence in the growing employer-sponsored emergency savings space. SaverLife currently reaches consumers who struggle to save through both direct to consumer and business to business channels. With Onward, SaverLife will work directly with employers to provide payroll-integrated savings opportunities proven to increase employee savings by $1,500 on average.
“Even before the pandemic hit, we knew that millions of Americans lacked the opportunity to save and invest in themselves and their families. The last 12 months have only heightened the need for employers to modernize their benefits programs to focus on products and services that create financial security for all employees,” said Leigh Phillips, SaverLife CEO. “Acquiring Onward will take our employer-facing products to the next level, allowing us to do even more to reach this important market segment.”
“Combining Onward’s excellent product experience with SaverLife’s rapid growth, expertise in rewards and incentives, and strong operations provides a unique opportunity to scale our impact within the employer space,” commented Ronnie Washington, Onward Financial’s Founder & CEO. “We at Onward could not be prouder to usher in a new future of financial security within SaverLife’s operations”.
The two companies are pioneers in the mission-first fintech space, representing only a handful of nonprofit organizations selected to participate in the Financial Health Network’s prestigious Financial Solutions Lab, which is funded by JPMorgan Chase and Prudential Financial.
“The merger between SaverLife and Onward is a big win for the financial health field,” said Jennifer Tescher, CEO of the Financial Health Network. “Two highly respected and effective organizations are joining forces and uniting around their shared vision for a more equitable economy. I hope employers take notice of this new opportunity to commit to financial health and inclusion.”
Stephanie Khurana, Managing Partner of the Draper Richards Kaplan Foundation and a member of the Onward Board of Directors, said “The Draper Richards Kaplan Foundation invested in Onward because we believe in the power of innovation to create solutions that reduce inequality and promote economic mobility and have a strong pathway to scale. We are thrilled that Onward selected SaverLife as their acquisition partner. We believe the strong mission and vision alignment between SaverLife and Onward will accelerate the impact of our investment and create lasting change for American workers.”
SaverLife will continue to support customers on both platforms as it integrates Onward’s technology to create an enhanced savings experience that includes a mobile app, payroll integration and seamless employer onboarding to its growing list of private sector customers, which currently includes Levi Strauss & Co, HCA, and Intuit’s Prosperity Hubs initiative.
About SaverLife
SaverLife is a 501(c)3 nonprofit on a mission—to inspire, inform, and reward the millions of Americans who need help saving money. Through engaging technologies and strategic partnerships, we give working people methods and motivation to take control of their financial future. For more information, please visit www.saverlife.org.
About Onward Financial
Onward is a non-profit employer-based mobile savings and credit app that enables workers of all income levels to build financial security. We help workers save effortlessly, build financial literacy, and access responsible credit when emergencies strike. Learn more: https://onward.org/.
