New fintech platform from the founders of Kabbage® secure $9 million round table for the first real compensation innovation since the introduction of stock options
SAN JOSE, CA., May 18, 2022 /PRNewswire/ — Keep your finances, the technology company revolutionizing compensation to improve recruitment and retention, today announced the Keep™ platform and its first Keep Vesting cash plans. With Keep, companies can attract and retain quality employees with upfront cash payments that vest over time, supporting an employee’s personal goal like a down payment on a house, paying off student loans, investing for retirement, and more.
An easy-to-use platform, Keep works for any industry and in a variety of use cases, including differentiating job postings in a crowded job market, targeting key workers at competitive companies , retaining employees following M&A activity, ensuring key employees feel valued, and more.
Andreessen Horowitz directed Keep’s $9 million round with additional investment from Launchpad Capital, Thomvest Ventures, Cambrian Ventures and Worklife Ventures. The company’s co-founders include the CEO Rob Frohwein and president Catherine Petraliawho previously co-founded Kabbage®a cash management fintech acquired by American Express in 2020.
“The war for talent is real, but the current approach to compensation – from stock options to one-time bonuses – is broken. Companies struggle to design compensation for retention and performance, while employees struggle to understand how their accomplishments relate to their earnings,” Frohwein said. “Keep was designed to unlock the full potential of businesses by enabling them to hire and retain the exact people they need in terms of performance, culture, industry expertise and more. In the world of Keep, money truly is king and the focus is on finding and retaining the most influential employees who will drive the company’s growth and profitability.”
Keep’s cash vesting plans allow employers to offer a portion of compensation in the form of usable cash, given to employees in advance and vesting or forfeiting over time. In return, employees agree to remain active and supportive workers during this period. Keep’s acquisition cash plans can range from a few thousand dollars for entry-level jobs with high turnover rates to six figures or more for senior positions requiring specific skills and experience, ensuring it is of a remuneration option on the whole labor market.
Benefits of the Keep platform include:
- Improves the hiring process by providing an immediate benefit to the employee
- Reward cash acquisition plans to increase retention
- Reduces administrative burden for human resources (HR) teams
- Scalable platform for the implementation of this new form of remuneration
- Flexible and simple to use for any organization of any size
- Regulatory and Compliance Management
- Employee performance and retention tracking
- Clear analytics to generate internal return on investment (ROI)
Rick Jensenformer head of people at HeadSpace and Intuit, said: “Keep could save HR teams countless hours of repeated recruiting and millions in lost institutional knowledge by helping companies attract, secure and ultimately retain the best talent needed. to succeed in the industry.”
To learn more about Keep or to join the beta program, visit www.keepfinancial.com
If you attend Finovate Spring this week at San FranciscoJoin us for a live demo of the Keep platform at 2:05 p.m.. Co-founder Rob Frohwein de Keep will also be at LendIt FinTech on May 26 to express themselves on the theme of embedded fintech.
About Keep Financial Technologies, Inc.
Keep Financial is revolutionizing compensation to improve recruitment and retention, aligning compensation with business goals, return on investment and performance. Thanks to the intuitive Keep™ platform, employers can create customizable acquisition cash plans to attract top talent, ensure retention, and increase overall employee satisfaction and productivity. Keep’s Vesting Cash takes compensation to a whole new level – providing employees with up-front usable capital to meet personal goals while allowing employers to retain talent for long-term business success. Keep is backed by Andreessen Horowitz, Launchpad Capital, Thomvest Ventures and Cambrian Ventures.
To learn more about Keep and start attracting and retaining talent today, visit keepfinancial.com
SOURCE Keep your finances