FinFit, a Virginia-based fintech company, announced it had secured $7 million through a Series B funding round.
Galaxy Investment Partners LLC led the round, the family office of Michael Novogratz, together with the participation from existing investors Bison Capital Asset Management, LLC, and many more.
The company aims to use the fund to solidify its growth plan by enhancing its products and features and grow its workforce. It also intends to sustain its goal of providing today’s workforce a unique financial wellness benefit platform. Its platform has helped more than 125,000 clients to separate themselves from the competition.
The fintech works with business owners, executives, human resources professionals, benefits administrators, and third-party servicers by offering a combination of financial assistance and educational support. Its platform provides a self-directed online experience, allowing employees to measure their financial fitness. It also offers informative and educational resources and tools to enhance their financial literacy and drive results.
David Kilby, President of FinFit, said the funding echoes investors’ confidence in FinFit’s growth and potential. He said that the raised money empowers the company to refine its disruptive platform to help further millions of employees improve their finances.
Kilby also expressed his eagerness to continue helping employers expand their profitability. He said the company would accomplish this goal by reducing their staff’s stress levels and by guiding them toward financial freedom.
Recently, FinFit announced it would launch several new products. It would soon issue FinFit Visa Prepaid Card, which simplifies money management of its clients. FinFit members would avail this product for free. It also said it would kick off its WageNow program that would enable employees to get earned but unpaid wages before the scheduled payday.
The company is also in the process of building its leadership team, including the recent additions of Matthew Fahy as Chief Financial Officer; and Paul Grosch as Chief Technology Officer.