SaverLife, a nonprofit fintech focused on building financial security for low-income Americans, has signed a definitive agreement to acquire Onward Financial, a non-profit whose employer-sponsored mobile savings app aims to assist workers of all income levels to build financial security.
“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 and CEO. “We at Onward could not be prouder to usher in a new future of financial security within SaverLife’s operations.”
“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.”