Small logo Subscribe to leading news on impact investing. Learn More
The Brief Originals Dealflow Signals The Impact Alpha Impact Voices Podcasts Agents of Impact Open
What's Next Measure Better Investing in Racial Equity Beyond Aid Beyond Trade-offs Impact en las Americas New Revivalists Women Rising in India Operation Impact
Smarter Money Women Rising 2030 Finance Locavesting Inclusive Economy Regeneration Impact Tech New Power Geographies
Slack Conference Calls Events Contribute
The Archive ImpactSpace The Accelerator Selection Tool Network Map
About Us FAQ Calendar Pricing and Payment Policy Privacy Policy Terms of Service Agreement Contact Us
Industry News Impact Management Good Business Personal Finance Faith and investing Billionaires
Gender Lens Investing Women Rising in India
SDGs Climate Finance Clean Energy Innovative Finance Full Stack Capital Long-termism
Opportunity Zones Investing in place
Entrepreneurship Return on Inclusion Good Jobs Inclusive Fintech Creative economy Housing New Schooled Well Being People on the Move
Conservation Finance Farmer Finance Financing Fish
Blockchain/AI/IoT Urban Tech Food Tech Inclusive Fintech
Human Rights Democracy and Peace News and Information
Africa Asia Europe Latin America Middle East Oceania/Australia China Canada India United Kingdom United States Growth Markets
Subscribe Log In

SaverLife secures $1.5 million to boost employee saving

ImpactAlpha, Dec. 12 – The raft of solutions for low-wage workers that fintech companies are rolling out won’t fix large-scale workforce problems like wage stagnation or variable income. But set up right, they can help, argues SaverLife’s Leigh Phillips.

“We know that saving regularly and having an emergency fund is the way to weather financial instability,” Phillips tells ImpactAlpha.

SaverLife, a 18-year-old San Francisco-based nonprofit, runs a platform that uses prizes and incentivize to encourage workers to save more. The organization has reached 250,000 individuals through its direct to consumer platform, and has completed a year-long pilot for a white label platform for employers, employers, credit unions and other organizations. Employer partners like Levi Strauss’ used SaverLife to set up an employer matching scheme for savings funds. 

Participants often saved more than the employer match and put away an average of $600 over six months, which exceeded the employer match. “Our members save 11% of their income, which is almost twice the national average, even though they earn about half of the national average,” Phillips says. 

A $1.5 million grant from Prudential will help SaverLife grow the revenue-earning, white label side of its business.

You might also like...