FinFit Ops LLC, a FinTech company that provides over 80,000 American companies with a unique financial wellness benefit platform, announced the closing of a $35 million senior credit facility with Ares Management. FinFit has the ability to increase the senior credit facility to $70 million. This capital raise follows a $16 million investment from Bison Capital Partners in December 2016. Keefe, Bruyette & Woods, a Stifel Company acted as exclusive financial advisor for the senior credit facility.
The proceeds of this senior credit facility, together with the equity previously invested by Bison Capital Partners, will be used to expand the Company’s ability to offer financial wellness benefit programs and short-term financial assistance to employees across the USA. “We are very pleased with this transaction and partnership with Ares,” said David Kilby, President of FinFit. “It will allow us to dramatically expand our reach and assist us in achieving our goal of increasing financial wellness one employee at a time.”
FinFit improves productivity at companies by helping employees become more financially fit. According to the Center for Financial Services Innovation (CFSI), 57% of American workers are financially stressed. This financial stress can result in 50% greater health care costs and up to $300 billion in lost revenue nationwide due to turnover, absenteeism and loss of productivity.
Unlike programs that offer financial wellness consulting or education only, FinFit provides a complete solution that starts with a proprietary personalized financial assessment and financial fitness workout plan. Game-based education and budgeting applications are also included, along with a short-term loan option to assist the 46% of Americans who do not have $400 for an emergency. FinFit’s loan program is designed to help individuals solve short-term problems without having to use the limited options in the marketplace today.
FinFit’s training platform treats each employee like the unique individual they are. After a quick financial assessment they are directed quickly to game-based education and resources they need to improve their financial fitness. FinFit is designed to be easy-to-use and make the road to financial wellness fun and transparent.
In 2017, over 80,000 companies gained access to the platform and FinFit sees tremendous potential in helping companies become more profitable by helping workers become happier and less stressed about their finances.