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Despite the global economic challenges, HR tech investments are not slowing down.

Mergers and acquisitions in the HR tech space are also in full flow.

Just a day after Radancy acquired Ascendify, Finfit and the US branch of Salary Finance have announced they are merging.

The combined company will be known as FinFit – and it will be led by FinFit’s CEO and founder David Kilby.

Salary Finance’s co-founder Asesh Sarkar will serve as company president, as well as be the group CEO of Salary Finance’s remaining business in the UK.

The financial terms of the deal have not been disclosed.

A bright future for financial wellbeing

As a result of the merger, FinFit and Salary Finance US will support 500,000 US employers and 100 million American employees with their financial concerns.

These customers will now have access to FinFit platform, plus updated financial wellbeing support due to the integration of Salary Finance’s wellness products.

Amid the cost of living crisis and a looming recession, financial wellbeing is solidifying itself as the third pillar of wellness – the return on investment (ROI) on financial wellbeing is clear.

Talking about the deal, Kilby commented: “The post-pandemic world has been tumultuous for the American worker – from inflation to rediscovering a new work-life blend.

“Financial instability, today more than ever, compounds stress that leads to negative productivity and health outcomes.

“We are energized to be merging with Salary Finance to take FinFit to the next level, as America’s preeminent financial wellness platform supporting employees through their journey to financial health.

“Our organizations share this vision, and our combined capabilities and scale will ensure we will deliver on our core values to build financial wellness opportunities for all.”

Sarkar added: “Our mission at Salary Finance has been consistent from day one: to help millions of employees around the world become financially healthier and happier.

“This merger accelerates our path forward and allows us to serve clients and their employees with a more holistic set of benefits.

“I am excited to be working with David and the combined team as we move to the next stage of our journey.”

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