Paychex and SoFi at Work Join Forces to Expand Financial Well-being Offerings
Customer employees using Paychex Flex® Perks will receive access to SoFi's personal finance tools, supporting a critical need for today's workforce
Paychex, Inc., an industry-leading human capital management (HCM) company, announced today a new partnership with SoFi, a one stop shop for digital finance solutions, to bring the financial well-being resources and solutions of SoFi at Work to users of Paychex Flex® Perks. Through Paychex's digital marketplace of curated employee benefits, employees of Paychex customers can seamlessly connect to SoFi's solutions to support their journey to financial independence, including personal loans, student loans, loan refinancing, and more.
Studies show access to the right financial tools and advice is essential to achieving long-term financial independence. New research from SoFi found that the top regret among student loan borrowers was not seeking financial guidance. The same survey revealed that becoming debt-free (41%) and owning a home (44%) were the top milestones for students, graduates, and parents.
"Employees today expect their employer to help support their financial well-being – it's no longer a ‘nice-to-have' benefit," said Cory Mau, Paychex vice president of corporate strategy, business development, and investor relations. "Businesses that provide access to financial wellness benefits often increase employee productivity, recruit and retain talent more effectively, and ultimately drive positive business outcomes. We are pleased to announce our Paychex Flex Perks partnership with SoFi to provide access to personal finance benefits for employees of our clients at no cost to the employer to help their employees prepare for the future."
Paychex Flex Perks is available in Paychex Flex, one of the company's cloud-based HCM SaaS platforms, making it easy and intuitive for employees to enroll in benefits. Employees can self-select additional benefits based on their personal needs paid through payroll deduction at no cost to the employer.
With Paychex Flex Perks, businesses of all sizes can offer enterprise-level benefits that either augment existing employee benefit packages or enable businesses to offer employee benefits for the first time. The digital marketplace is curated with employee benefits to address the needs of today's diverse, five generational workforce. Since its launch in the summer of 2024, more than 230,000 customer employees have purchased at least one benefit from the marketplace.
"Our partnership with Paychex marks a major milestone in SoFi at Work's mission to help more Americans achieve financial independence," said Kelli Keough, EVP for Spend, Invest, Protect, and Save at SoFi. "Financial tools and top-tier benefits should be available to everyone, not just employees of large companies. That's why we're partnering with Paychex, to make it easier for companies of all sizes, to support their workforce with meaningful and actionable benefits. Embedding SoFi's financial well-being tools directly into Paychex will help millions of users nationwide take more control of their financial futures."
Paychex will continue to expand the number of offerings within Paychex Flex Perks based on evolving trends and customer feedback. To learn more about Paychex Flex Perks, visit go.paychex.com/perks.
About Paychex
Paychex, Inc. (NASDAQ:PAYX) is the digitally driven HR leader that is reimagining how companies address the needs of today's workforce with the most comprehensive, flexible, and innovative HCM solutions for organizations of all sizes. Offering a full spectrum of HR advisory and employee solutions, Paychex pays 1 out of every 11 American private sector workers and is raising the bar in HCM for nearly 800,000 customers in the U.S. and Europe. Every member of the Paychex team is committed to fulfilling the company's purpose of helping businesses succeed. Visit paychex.com to learn more. Visit paychex.com to learn more.
About SoFi
SoFi Technologies (NASDAQ: SOFI) is a one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions. Over 10.9 million members trust SoFi to borrow, save, spend, invest, and protect their money – all in one app – and get access to financial planners, exclusive experiences, and a thriving community. Fintechs, financial institutions, and brands use SoFi's technology platform Galileo to build and manage innovative financial solutions across 158.4 million global accounts. For more information, visit www.sofi.com or download our iOS and Android apps.
About SoFi at Work
SoFi at Work is a leading financial wellness platform that helps employers support their workforce with benefits in their journey toward financial independence. SoFi at Work programs reduce employee financial stress and boost retention by offering flexible solutions including personal, home and student loans, emergency savings, financial planning tools, and exclusive product perks. Visit sofi.com/sofi-at-work to learn more.
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Media Contact(s)
Chelsea Wernick
Public Relations Program Manager
Paychex, Inc.
(585) 216-2974
[email protected]
@Paychex
Anupriya Ghate
Director of Corporate Communications
SoFi
[email protected]