Sorbet's Employee-Facing Technology Platform, which Gives Workers Access to the Financial Value of Unused Vacation Days, Can Now be Accessed Nationally
NEW YORK, Sept. 12, 2024 /PRNewswire/ -- Today, Sorbet, an employee-facing fintech solution that allows on-demand access to the monetary value of an employee's accrued, unused vacation time, is now available nationwide, as the fintech start-up announces its partnership with Lead, an industry leading bank specializing in servicing fintechs.
The timing of this partnership is welcomed by Americans given the current economy, coupled with Sorbet's recent report revealing that:
Available by applying on Sorbet's website, as well as through employers offering Sorbet as a voluntary benefit, the fintech platform has grown its revenues by approximately 700% year-to-date and is on track for a projected growth of more than 20x in 2024.
Sorbet's solution utilizes the most comprehensive database on Paid Time Off (PTO) consumption patterns to develop an AI generated PTO prediction model, forecasting the future value of unused PTO payouts at termination, and advancing it for the employee as it's accrued, without having to exit the company.
Championing for employees to gain more insight into and control over their finances, founder & CEO Veetahl Eilat-Raichel, launched Sorbet in 2020 as an innovative tool for employees to readily access any 'invisible' compensation that's been set aside – referring to an employee's unused PTO.
Although PTO reflects a portion of an employee's compensation package, the financial asset is often overlooked as just an employee benefit, and employees are leaving a lot of money on the table - amounts that could be better spent for immediate expenses or planning for a financially secure future.
Sorbet has developed a unique, first of its kind, underwriting approach, which evaluates unused, accrued PTO as an underlying financial asset to be modeled, forecasted and its value predicted over time. This novel approach provides Sorbet with a competitive advantage over any other consumer lender who is "blind" to this cash flow.
"Offering Sorbet at a national level is a huge step in helping Americans reframe PTO – from just an employee 'perk,' to an integral part of employee's compensation package that they're entitled to," says Eilat-Raichel. "We're ecstatic to continue to push for a more mainstream conversation around this, and I can't think of a more fitting partner than Lead; the group demonstrates a refreshing, forward-thinking approach to servicing fintech start-ups, and possesses the leadership and experience to navigate complexities within the financial services sector."
Sorbet has received more than 100,000 applications with the equivalent of more than $40M in PTO value applied, noting that employees are using this money across a wide variety of expenses, from paying rent, to funding their next vacation. Sorbet users work for some of the largest employers in the country, including Walmart, USPS, Humana, Wells Fargo, State Farm, and the U.S. Department of Defense.
To qualify, employees must be 18 years of age or the age of majority in their state, and be approved for a PTO Advance based on Sorbet's credit policy and proprietary underwriting criteria. Sorbet is available in all 50 states.
ABOUT SORBET
Sorbet is a first-of-its-kind fintech solution that allows employees to take control of their finances and enjoy a more secure financial future by unlocking the cash value of their unused paid time off (PTO) as they accrue it, instead of waiting until they leave their company. With Sorbet, employees can access additional compensation earlier without borrowing against their savings.
For more, visit: https://www.getsorbet.com/ || Twitter: @sorbetco || IG:@getsorbet
ABOUT LEAD
Lead is a state chartered bank with a banking-as-a-service (BaaS) platform for builders and innovators. Lead brings decades of experience navigating complex banking regulations and developing modern technology to offer banking products and services that help partners scale with compliance and creativity. Headquartered in Kansas City, Missouri, and serving clients online across the U.S., Lead is also a full service bank offering Business banking and Personal banking services.
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SOURCE Sorbet