SecureSave, a financial technology company reinventing the emergency savings programs product, today announced it raised $11 million in a strategic funding round led by Truist Ventures, the venture capital division of Truist Financial CorporationBank, with participation from Stearns Financial Services Inc., and leading crypto platform FTX.
SEATTLE, June 8, 2022 /PRNewswire-PRWeb/ -- SecureSave, a financial technology company reinventing the emergency savings programs product, today announced it raised $11 million in a strategic funding round led by Truist Ventures, the venture capital division of Truist Financial CorporationBank, with participation from Stearns Financial Services Inc., and leading crypto platform FTX. The new funding brings the total amount raised by the company to $14.7 million, following an initial seed round in January 2021, just three months after SecureSave's launch in November 2020.
The strategic funding round will support partnership expansion and continued development of the company's emergency savings product.
Less than 50% of Americans can afford an unexpected $1,000 emergency such as car repairs or a visits to the emergency room, shedding light on just how hard inflation and other emerging factors are hitting Americans' finances, more than two and half years into the pandemic. In fact, the Consumer Financial Protection Bureau recently revealed 24% of consumers have no savings at all set aside for emergencies, while 39% have less than a month of income saved for emergencies.
Even prior to the pandemic, annual data from the Federal Reserve shows many households would find it difficult to pay an unexpected $400 expense.
"While the pandemic demonstrated why an emergency savings account was a necessity, the impact the current inflationary environment is having on employees is bringing home this point even more," said Suze Orman, co-founder and Chief Strategy Officer, SecureSave. "I could not be more proud for SecureSave to better meet the needs of those in financial distress by offering an employer matched emergency savings account."
SecureSave partners with companies to offer emergency savings accounts (ESAs), which can be automatically deducted from a worker's payroll and deposited into their FDIC-insured account to help them save for the unexpected. Employees are able to instantly access the funds within their accounts at any time, which holds matching contributions from their employer. The account also provides bonuses when users hit financial goals and savings targets to help incentivize employees to engage in financial wellness practice.
The average SecureSave customer saves $103 per month in their ESA and exceeds $400 in savings within the first four months.
"This new investment is a reflection of the rapid adoption and incredible customer demand we're seeing for SecureSave's unique emergency savings platform and underscores the industry and investor confidence in our vision," said Devin Miller, Co-Founder and Chief Executive Officer, SecureSave. "Amidst the economic uncertainty over the last two years, companies, both large and small, recognize an ESA is as critical as an 401k or an HSA and not just for retention or for recruiting, but also because poor financial health is impacting companies' bottom line."
SecureSave was founded in reaction to the economic catastrophe that resulted from the Covid-19 pandemic and was created in summer of 2020.
"As tens of millions lost their jobs, businesses and savings in just a matter of weeks, we felt called to act - Devin, Suze and I came together with shared personal histories of enduring financial emergencies and a laser-focused vision to create a new kind of technology platform that could prevent this type of hardship and make saving for an emergency easy, automatic and always accessible," said Bassam Saliba, Co-Founder & Chief Technology Officer. "We knew from our own experiences, the recovery was going to be a long, tough road and we were at a unique moment in history to create something that was more than just a business or a technology product - this could be using technology to ensure Americans have a financial foundation. To us, that's what SecureSave is all about."
SecureSave has expanded rapidly since it was founded in 2020, growing its customer base by 600% over the last year to service clients including the San Antonio Spurs and the SEIU. This new funding follows recent distribution partnerships with Transamerica, a leading provider of life insurance, retirement, and investment solutions, and Milliman, a premier global consulting and actuarial firm.
"Emergency savings is core to financial confidence, and SecureSave's innovative technology creates the perfect vehicle that fundamentally improves the way Americans save money while empowering businesses to drive financial wellbeing amongst employees," said Vanessa Indriolo Vreeland, head of corporate development and Truist Ventures. "Through our investment in SecureSave, Truist is helping to advance the exciting frontier of employer-sponsored emergency savings accounts while advancing our purpose – to inspire and build better lives and communities."
To learn more about the company, visit the website at https://www.SecureSave.com.
Media contact:
Tanya Hayre Gillogley [email protected]
About SecureSave: Headquartered in Kirkland, Washington, SecureSave is a financial technology platform designed to help individuals build emergency savings through an employer benefits platform. It was co-founded by Devin Miller, Bassam Saliba, and Suze Orman, who realized that emergency savings needed to be easier and more accessible to help solve the growing savings crisis in the US. SecureSave makes an immediate impact on employee lives; by increasing financial wellness through a program that is easy to deploy and manage at low cost of ownership for the employer. Most of all, it is well received and accepted as adding value to working for a company that cares. To learn more about the company, visit https://www.securesave.com.
Media Contact
Tanya Hayre Gillogley, Securesave, 1 206.666.4900, [email protected]
SOURCE Securesave
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