Under the direction of CEO Jason Lee of Salt Labs, the new subsidiary will get access to the business clientele and Salt, the company's main product.

According to Salt Labs, the purpose of their exclusive product is to "create a valuable asset for hourly workers to own the long-term value of their work" by operating similarly to a typical savings account. According to the company website, users receive rewards every hour they work through a points-based system. These points may then be redeemed for carefully chosen "products, experiences and offers...such as stock, or tickets to an event, for example."

The service will become part of Chime Enterprise, which the neobank claims will concentrate on "accelerating Chime’s growth through the employer channel, beyond Salt Labs’ flagship products," together with the whole Salt Labs team.

Mark Troughton, COO of Chime, adds, "With this acquisition, we will aim to partner directly with employers to reach millions of consumers and introduce them to the Chime platform."

Troughton continues, "The acquisition will also expand upon Chime MyPay, a platform that the fintech is currently developing to give US workers access to earned wages of up to $500."

The fintech, which was last valued at $25 billion, has not revealed the details of the deal's finances.