FinFit Company Profile

Background

Overview

Founded in 2008 and headquartered in Virginia Beach, Virginia, FinFit is a leading financial technology (FinTech) company specializing in providing comprehensive financial wellness benefits to employers and their employees across the United States. The company's mission is to offer a financial safety net for the American workforce, aiming to improve and protect employees' financial health at every stage of their journey.

Mission and Vision

FinFit's mission is to provide a financial safety net for the American workforce, focusing on enhancing employees' financial well-being through innovative solutions.

Industry Significance

As a pioneer in the financial wellness sector, FinFit has established itself as a significant player by servicing over 125,000 employers and reaching more than 10 million workers nationwide. The company's holistic approach addresses the financial challenges faced by employees, thereby contributing to increased productivity and reduced stress in the workplace.

Key Strategic Focus

Core Objectives

FinFit is dedicated to enhancing employee financial wellness by offering a suite of services that include financial education, savings programs, credit access, and personalized financial assessments. The company aims to empower employees to achieve financial stability and reduce workplace stress related to financial issues.

Areas of Specialization

The company's platform encompasses various tools and resources, such as:

Emergency Savings: Automated savings directly from paychecks.

Emergency Credit: Access to funds for unexpected expenses.

Personal Loans: Options to pay down debt at lower rates.

These services are designed to cater to employees at different stages of their financial journey.

Key Technologies Utilized

FinFit leverages a data-driven platform that integrates seamlessly with employer systems, providing real-time solutions and personalized financial assessments. The platform includes educational resources, budgeting tools, and financial coaching, all accessible through a user-friendly interface.

Primary Markets Targeted

FinFit serves a diverse range of industries, offering solutions to small and medium-sized businesses (SMBs) as well as large enterprises. The company's services are tailored to meet the needs of employees across various sectors, aiming to improve financial wellness on a broad scale.

Financials and Funding

Funding History

FinFit has secured significant funding to support its growth and expansion:

Series B Funding (July 2019): Raised $7 million, led by Galaxy Investment Partners LLC, with participation from existing investors Bison Capital Asset Management, LLC, and others.

Senior Credit Facility (March 2018): Secured a $35 million senior credit facility with Ares Management, with the option to increase it to $70 million.

Utilization of Capital

The funds have been utilized to enhance FinFit's platform, expand product offerings, and increase market reach, enabling the company to provide comprehensive financial wellness solutions to a growing number of employers and employees.

Technological Platform and Innovation

Proprietary Technologies

FinFit's platform is a self-directed online experience that offers personalized financial assessments, educational resources, and tools designed to increase financial knowledge and drive behavioral change. The platform's integration capabilities allow for seamless adoption by employers with minimal administrative effort.

Significant Scientific Methods

The platform employs data analytics to provide personalized financial assessments and recommendations, enabling employees to make informed financial decisions. Additionally, FinFit offers live financial coaching, connecting members with certified financial counselors for personalized guidance.

Leadership Team

David Kilby – President/CEO

David Kilby has been leading FinFit since its inception in 2008. Under his leadership, the company has grown into one of the nation's largest financial wellness benefit platforms. Prior to FinFit, Kilby led a multi-million-dollar financial institution holding company and worked at KPMG Peat Marwick, gaining extensive experience across various industries.

Matthew Fahy – Chief Financial Officer

Appointed in 2019, Matthew Fahy brings financial expertise to FinFit, overseeing the company's financial strategy and operations.

Paul Grosch – Chief Technology Officer

Also joining in 2019, Paul Grosch leads FinFit's technology initiatives, focusing on enhancing the platform's capabilities and user experience.

Leadership Changes

In 2019, FinFit expanded its leadership team with the appointments of Matthew Fahy as Chief Financial Officer and Paul Grosch as Chief Technology Officer, strengthening the company's financial and technological leadership.

Competitor Profile

Market Insights and Dynamics

The financial wellness industry has experienced significant growth, driven by increasing employer recognition of the impact of financial stress on employee productivity and well-being. Companies are investing in comprehensive financial wellness programs to attract and retain talent, creating a competitive landscape with various providers offering diverse solutions.

Competitor Analysis

Key competitors in the financial wellness space include:

PayActiv: Offers earned wage access and financial wellness services, focusing on providing employees with access to their earned wages before payday.

SmartDollar: Provides financial wellness programs emphasizing education and behavior change, aiming to help employees manage their finances effectively.

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