I’m excited to announce that we’ve raised $11 million in funding, led by Truist Ventures, the venture capital division of Truist Bank, with participation from Stearns Financial Services Inc. and all existing major investors.
This new capital will help us sprint toward our mission of helping people be and feel financially secure and prepared for financial setbacks.
Two years ago, in the summer of 2020, millions of people were losing their jobs, savings, and businesses due to COVID-19—we knew we needed to do something. Bassam, Suze, and I got together and quickly bonded over a shared vision of helping people better prepare for financial obstacles by reimagining the emergency savings account. That day, SecureSave was born.
Our founding team comes from modest beginnings. We know what it feels like to be in a seemingly impossible financial situation, and we know from decades of experience that having an emergency savings fund is the foundation for financial wellness.
We wanted to lead the way with an employer-sponsored emergency savings account that would make saving for emergencies easy, automatic and accessible. We wanted to be the ones who defined a new category of workplace savings and financial technology innovation.
Right after that first meeting, I remember being overwhelmed with enthusiasm. We had conviction and a grand vision for how this could develop. We had no doubt about how important this idea was. But early on, though many shared our vision and excitement, there were some who just couldn’t grasp the bigger picture.
We heard it all, from “But, some people are just poor, that’s why they can’t save,” to “ “Can’t they just save automatically on their own?” and “Employers will never buy into this.”
Among the naysayers, the main objection was a belief that emergency savings as a category would never truly develop. I’m thankful to say that the notable growth of SecureSave and the larger emergency savings space over the past two years has helped prove them wrong.
Two years later, large organizations that are leaders in their category are betting big on emergency savings by partnering with us to offer this solution. In fact, we’ve signed on major brands like the Spurs and SEIU, and with the Secure Act 2.0 working its way through Congress, ESAs are beginning to become a priority for government leaders, financial service organizations and employers across the country.
All of these developments make one thing incredibly clear: emergency savings accounts are a big deal. It’s a growing category, and it’s here to stay.
Today, we’re recognized as the leaders in this category, and our product is working phenomenally. The average SecureSave customer saves $110 every month. We’ve added an amazing team and are building a respected group of distribution partners (including Truist, TransAmerica and Milliment).
This new round of funding solidifies what we’ve always known to be true—people deserve and desire to feel truly financially secure, and ESAs are a terrific way to help create that security.
SecureSave is better capitalized, more focused on this problem set and more equipped with an established team of employees than any other provider, and we’re well-positioned to do something really special.
We’re excited to keep blazing the trail on ESAs and make emergency savings funds attainable for every American.
If you’re ready to jump on board this revolutionary new category, we would love to have you. Learn more about giving your employees the freedom of financial security or get in touch for information about becoming a partner.