Study after study has pointed out that a number of Americans don’t have enough money put away in their savings accounts. In order to help, one Kirkland-based tech startup is providing employers with savings opportunities for their workers.
On Wednesday, fintech startup SecureSave announced that it closed an $11 million funding round led by Truist Ventures with participation from Stearns Financial Services and crypto platform FTX. The new funding will go toward partnership expansions, allowing the SecureSave platform to help more people expand their savings.
SecureSave was founded during the pandemic when many employees were laid off due to financial uncertainty and the need for consumers to have emergency savings was made clear. Co-founded by Devin Miller, Suze Orman and Bassam Saliba, SecureSave’s platform lets employers create employer-sponsored emergency savings accounts (ESA) for their workers.
SecureSave’s savings accounts work similarly to other work-sponsored accounts in which the employees can choose how much money to withhold from their paychecks and place into the account. With SecureSave, employers can also match employee contributions. The account aims to help employees work toward a healthy financial future while still having access to emergency money when needed. According to SecureSave, accessing funds is extremely easy for employees and requires no paperwork or deadlines.
“This new round of funding solidifies what we’ve always known to be true — people deserve and desire to feel truly financially secure, and ESAs are a terrific way to help create that security,” Miller, who also serves as the CEO of SecureSave, said in a blog post. “All of these developments make one thing incredibly clear: emergency savings accounts are a big deal. It’s a growing category and it’s here to stay.”
After partnering with SecureSave, employers get access to a portal that can be integrated with their payroll system and allows them to manage their employees’ accounts.
Prior to the latest round, SecureSave raised $3.5 million in a seed round back in January of 2021.
