NFP Ventures, the startup investment arm of insurance broker NFP, has partnered with the digital finance platform MoneyLion to provide its employer clients with a financial well-being edge.
NFP Ventures will provide employers with a suite of financial tools, including MoneyLion’s Instacash program and the RoarMoney mobile banking platform. NFP is the first organization to offer MoneyLion as an employee benefit to employer customers.
“We continue to focus on innovative solutions that match the needs of our clients, including the financial wellness challenges that have intensified in these uncertain times,” said Shawn Ellis, Managing Director of NFP Ventures, in a press release announcing the partnership.
Americans are increasingly worried about their financial stability since the outbreak of the coronavirus pandemic, with more than half of employees saying finances or money problems are their main source of stress, survey finds 2020 from PwC on the financial well-being of employees. According to a BankRate survey, only 41% of people would be able to cover an emergency expense of $ 1,000.
MoneyLion’s Instacash program allows employees to receive a cash advance of up to $ 250 with an APR of 0%. It can help employees cover an unexpected expense or even fund a fun, interest-free opportunity.
“Employees who may feel anxious about their finances or need help setting up a savings and investment plan can easily access the MoneyLion Instacash program, which gives employers another resource to support their workforce, ”said Ellis.
MoneyLion’s mobile banking feature, RoarMoney, gives employees access to early paydays, advanced mobile wallet capabilities, multiple funding options, price protection, advanced cybersecurity, and on-time transaction alerts. almost real. Employees will also have access to credit building resources, auto investing, and a program called MoneyLion Financial Heartbeat, a fitness tracker for financial well-being.
Even before the pandemic took hold, employers increasingly recognized the importance of providing financial well-being benefits. Not only are they powerful attraction and retention tools, but they help create a fuller, stress-free employee, thus improving productivity rates. Other employers who have added or expanded their financial wellness benefits since the COVID-19 outbreak include Prudential and FinFit.
“When employers help their employees overcome significant challenges, loyalty and productivity increase,” said Mike Goldman, President and COO of NFP. “Being the first to partner with MoneyLion is another example of how we are helping our employer clients move beyond traditional benefits and provide access to resources that solve a growing problem for many individuals and families. . “