Five Fintechs Helping Employers Help Employees Achieve Financial Wellness, Education, and Inclusion

Five Fintechs Helping Employers Help Employees Achieve Financial Wellness, Education, and Inclusion

One of the more interesting developments in fintech in recent years has been how a number of innovators have sought to leverage the workplace as a way to make financial wellness, education, and inclusion a reality for workers. Today’s column will introduce five of fintechs – Finovate alums all – that are bringing the benefits of fintech innovation not only to where users live, but to where they work, as well.

Digital Align | Fremont, California | FinovateSpring 2019

Digital transformation consulting services company Digital Align introduced its AlignMoney solution at FinovateSpring two years ago. The offering is the world’s first, digital Banking-as-a-Benefit platform for employers to offer to their employees, helping companies both attract and retain talent. AlignMoney makes it easy for employees to secure a variety of banking products and services – ranging from savings, checking, and credit cards to home loans, insurance, and investments.

Icon Savings Plan | San Francisco, California | FinovateFall 2021

Making its Finovate debut as part of our all-digital fintech conference in 2020, Icon Savings Plan returned to the Finovate stage a year later for FinovateFall in New York. The company’s innovation is a portable retirement plan that replaces the complexity and fragmentation of the 401(k)s with a low-cost, personalized savings and investing plan for both W2 and 1099 employees. And when the employee leaves their employer, their Icon Savings Plan goes with them without any change in service or hassle – and potential expense – of having to rollover the account.

Keep Financial | Atlanta, Georgia | FinovateSpring 2022

Among Finovate’s newest alums, Keep Financial made its Finovate debut earlier this year at FinovateSpring. The company, headquartered in Atlanta, Georgia, and founded in January 2022, won Best of Show for its Cash Vesting Plans that help companies solve hiring and retention challenges while aligning interests between employees and employers. More than a typical bonus, Keep Financial’s Cash Vesting Plans vest over time, enabling workers to be rewarded for their continued contributions to the company. The plans operate like 0% interest loans from which employees can draw upon at any time and for any amount. Borrowed funds are repaid at each vesting milestone while the employee continues to work for the company.

SalaryFits | London, U.K. | FinovateFall 2019

In the same way that fintechs urge banks to leverage their relationship with customers to provide new and better financial products and services, SalaryFits seek to leverage the relationship between the employee and employer to provide better, fairer financial solutions, as well. The London-based company connects the product offers from financial institutions to the payroll of companies. This enables businesses to contribute to the financial wellbeing of their employees and gives providers a way to reach a broader market of potential customers. Financial solutions from more than 100 financial institutions are available via SalaryFit’s cloud-based platform.

SecureSave | Kirkland, Washington | FinovateSpring 2021

Taking to the Finovate stage for the first time two years ago at FinovateSpring, Kirkland, Washington-based SecureSave offers a new type of workplace savings program that helps employees build and maintain an emergency savings account. SecureSave provides employees with a free emergency savings app to make the process of saving for an emergency fund easy and automatic via payroll deductions. The company partners with employers, benefit brokerage firms, and financial services providers to make emergency savings a component in a holistic financial wellness program.

Photo by Clem Onojeghuo

Best of Show: The Finovate Podcast’s Greg Palmer Chats with the Faves from FinovateSpring

Best of Show: The Finovate Podcast’s Greg Palmer Chats with the Faves from FinovateSpring

Join Finovate VP and Host of the Finovate Podcast Greg Palmer as he shares his video conversations with companies that earned Best of Show honors at FinovateSpring in May.

Greg Palmer talks with Rob Frohwein, co-founder of Keep Financial, which won Best of Show honors at FinovateSpring 2022. Demo video.

“What Keep does is it enables employers to implement what we call ‘investing cash plans’ which is a new compensation technique that enables an employer to issue what’s essentially a retention bonus, but that cash is provided on the front end of some period of time … There’s an ongoing obligation of the employee to stick around the company for whatever the vesting period is and, once they hit that vesting period or vesting periods along the way, that portion, or all of the debt that they owe for getting that retention bonus up front, disappears.”

Greg Palmer chats with Susan Sarensen Langer, CEO of Spave, which won Best of Show at FinovateSpring 2022. Demo video.

“Spave is all about helping realize financial wholeness and more balance in their life. You can think of Spave as a number of apps altogether. It’s Mint. It’s Acorns. It’s Digit. It’s United Way. It’s Venmo. All in one. We want people to be able to use their spending, so Spave is all based on people’s spending … (That) spending ignites micro amounts that we call “spavings”. So you can either round up spare change, you can apply a percent, you can spave now and do a one-time donation or one-time savings (set-aside) … We’re helping people decide how they’re going to save for their future, give to the causes that they care about and live a more balanced whole life.”

Greg Palmer interviews Nathan Gibbons, Chief Operating Officer at QuickFi, one of the companies that won Best of Show at FinovateSpring 2022. Demo video.

“QuickFi is a business financing platform that really is meant to serve banks and manufacturers. It enables them to offer their business customers a secure, completely digital way of applying for an consummating lower rate term loans in a matter of minutes instead of days or weeks. (This is) because the platform is 100% digital and self-service. It really allows banks and manufacturers to close more loans and more sales faster and much more cost-effectively.”

Greg Palmer talks with Leigh Gross, SVP of Sales and Revenue with Array. FinovateSpring 2022 Best of Show winner. Demo video.

“We’re an innovation platform that helps banks, credit unions, and other fintechs offer cutting-edge financial tools to their customers. For example, we offer credit and identity protection solutions, personal privacy components that we allow our partners to easily embed within their experience so they can offer these services directly to their customers.”

Greg Palmer chats with Ariam Sium, VP of Product with Fingoal. FinovateSpring 2022 Best of Show winner. Demo video.

“We build insights and data infrastructure for financial institutions. The fintech space has a lot left to be desired when it comes to serving actual human beings. And that’s really where (Fingoal) shines. When it comes to our insights, it’s the personalization that actually makes them worth anything. And when it comes to our technical solutions for our clients … at the end of the day we’re improving the overall user experience. It’s also nice that it happens to save the financial institutions money and time.”

Greg Palmer catches up with Janice Diner, CEO, and Steve Frook, SVP of Global Sales with Horizn, which won Best of Show honors at FinovateSpring 2022. Demo video.

“We solve quite a few business problems (for financial institutions). But the three that Steve probably will talk about a little later is reduce the cost to serve digital customers, increase the number of fully-digital customers, drive mass adoption of new products and features. We do this by educating both customers and employees across the full bank ecosystem: retail banking, business banking, wealth management, insurance, just to name a few.”

Stay tuned for more videos from Greg Palmer and the Finovate Podcast’s Conversations with Best of Show winners.

Photo by Abet Llacer

FinovateSpring 2022 Best of Show Winners Announced

FinovateSpring 2022 Best of Show Winners Announced

The votes have been cast and counted! Meet the winners of Best of Show for FinovateSpring 2022:

Array for its financial enablement platform, specializing in embeddable tools and white label solutions, used by leading financial institutions. Demo.

FinGoal for its insights platform that cleans, enriches, and analyzes personal financial data to better understand users and provide actionable insights. Demo.

Horizn for its platform that helps banks globally accelerate digital banking knowledge, fluency, and adoption with both customers and employees. Demo.

Keep Financial Technology for its innovation that solves the hiring and retention challenges of companies by introducing a new form of employee compensation called Cash Vesting Plans. Demo.

QuickFi for its 100% digital, self-service, mobile equipment financing platform that enables business equipment financing in minutes. Demo.

Spave for its all-in-one financial wholeness app that allows users to effortlessly save and give as they spend. Demo.

Our thanks to all of our demoing companies, our sponsors, our partners, and – of course – our attendees – for continuing to make FinovateSpring such a success. Thank you for being a part of our annual spring fintech conference. We’ll see you again next year!

Notes on methodology:
1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote.
2. Attendees were encouraged to note their favorites during each day. At the end of the last demo, they chose their three favorites.
3. The exact written instructions given to attendees: “Please rate (the companies) on the basis of demo quality and potential impact of the innovation demoed.”
4. The six companies appearing on the highest percentage of submitted ballots were named “Best of Show.”
5. Go here for a list of previous Best of Show winners through 2014. Best of Show winners from our 2015 through 2022 conferences are below:
FinovateEurope 2015
FinovateSpring 2015
FinovateFall 2015
FinovateEurope 2016
FinovateSpring 2016
FinovateFall 2016
FinovateAsia 2016
FinovateEurope 2017
FinovateSpring 2017
FinovateFall 2017
FinovateAsia 2017
FinovateMiddleEast 2018
FinovateEurope 2018
FinovateSpring 2018
FinovateFall 2018
FinovateAsia 2018
FinovateAfrica 2018
FinovateEurope 2019
FinovateSpring 2019
FinovateFall 2019
FinovateAsia 2019
FinovateMiddleEast 2019
FinovateEurope 2020
FinovateFall 2020
FinovateWest 2020
FinovateEurope 2021
FinovateSpring 2021
FinovateFall 2021
FinovateEurope 2022