When I Work, a leading provider of shift-based workforce management software, has recently announced its acquisition of Lean Financial, a fintech startup specializing in financial solutions for flexible workers. This strategic move aims to enhance the offerings of When I Work and address the financial challenges faced by hourly workers.
When I Work has established itself as a workforce management platform catering to small businesses worldwide, serving over 200,000 workplaces. The company’s software simplifies staff scheduling, improves internal communication, and facilitates time tracking for employees. With the acquisition of Lean Financial, When I Work plans to expand its services to better support small business owners and their shift-based teams.
The significance of this acquisition lies in the pressing issues faced by small business owners, particularly employee retention and turnover. Furthermore, a staggering 60% of hourly workers struggle to meet their financial needs, a problem that affects approximately 82 million workers in the United States alone. By integrating Lean Financial’s innovative financial solutions into their platform, When I Work aims to directly impact the financial well-being of hourly workers, aligning with their mission to improve the shift work experience.
Lean Financial, established in 2020, has been at the forefront of developing tailored financial products for flexible workers. Notable among these products is their instant pay offering, which provides workers with immediate access to their earnings. The startup has successfully partnered with companies in various industries, including transportation, nursing, and cannabis, and has processed over $50 million in annual volume through its platform.
Tilak Joshi, Founder and CEO of Lean Financial, expressed enthusiasm for the collaboration with When I Work, stating that their shared commitment to addressing financial gaps in the current system will pave the way for a unique financial platform that combines work flexibility with financial stability. This acquisition will accelerate access to best-in-class financial products for millions of workers across the country.
Throughout the remainder of 2023, When I Work will focus on integrating Lean Financial’s products into its existing platform. As part of the deal, Joshi will join When I Work as the General Manager of Financial Services, further strengthening the collaboration between the two entities.
Find out the latest Startups news on our dedicated section.