Last Updated on October 20, 2020 by admin
NFP Ventures, the early stage funding department of insurance coverage dealer NFP, has partnered with digital finance platform MoneyLion to offer its employer shoppers with a monetary wellness profit.
NFP Ventures will present employers with a set of economic instruments, together with MoneyLion’s Instacash program and cellular banking platform, RoarMoney. NFP is the primary group to supply MoneyLion as an worker profit to employer shoppers.
“We proceed to give attention to progressive options that align with the wants of our shoppers, together with the challenges of economic wellness which have intensified throughout these unsure occasions,” Shawn Ellis, managing director of NFP Ventures, stated in a press release asserting the partnership.
People have turn into extra anxious about their monetary stability because the outbreak of the coronavirus pandemic, with greater than half of workers saying funds or cash challenges are their major supply of stress, in response to PwC’s 2020 Worker Monetary Wellness survey. Simply 41% of individuals would be capable of cowl a $1,000 emergency expense, in response to a BankRate ballot.
MoneyLion’s Instacash program permits workers to obtain a money advance of as much as $250 with zero% APR. This might help workers cowl an sudden expense and even finance a enjoyable alternative with no curiosity.
“Workers who could also be feeling anxiousness about their funds, or want assist establishing a plan to save lots of and make investments, can simply entry the MoneyLion Instacash program, giving employers one other useful resource to assist their workforce,” Ellis stated.
MoneyLion’s cellular banking characteristic, RoarMoney, provides workers entry to early paydays, superior cellular pockets capabilities, a number of funding choices, worth safety, superior cyber safety and close to real-time transaction alerts. Workers will even have entry to credit score constructing sources, auto investing and a program referred to as MoneyLion Monetary Heartbeat, a health tracker for monetary wellness.
Even earlier than the pandemic took maintain, employers had been more and more recognizing the significance of providing monetary wellness advantages. Not solely are they sturdy attraction and retention instruments, however they assist create a extra well-rounded and stress-free worker, thus bettering productiveness charges. Different employers who’ve added or expanded their monetary wellness advantages because the outbreak of COVID-19 embrace Prudential and FinFit.
Learn Extra: Prudential wellness profit tackles workers’ COVID-related stress
“When employers assist their workers deal with vital challenges, loyalty and productiveness enhance,” Mike Goldman, president and chief working officer of NFP, stated. “Being the primary to companion with MoneyLion is one other instance of how we assist our employer shoppers transcend conventional advantages and supply entry to sources that remedy a rising subject for a lot of people and households.”
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