LOUISVILLE, Ky. — Louisville-based Sum180, a financial technology company that supports financial wellness to employers, announced today that it has been acquired by New Jersey-based FlexWage Solutions, a national provider of employer-sponsored financial wellness and pay solutions, effective April 1, 2019.
Sum180 is a fintech startup launched by Louisville-based IMC in 2014 through its incubator for new products and new businesses. IMC, a brand licensing agency co-founded by Stephen Reily, Sum180 co-founder and chairman, has generated over $3 billion in consumer product sales for the Fortune 500 brands it represents while also serving as an incubator for its own new product and business ideas. While running IMC, Reily began Vibrant Nation, which became the nation’s largest online community and influencer network for women ages 45 and older. Leveraging Vibrant Nation’s consumer insights and digital experience, IMC then created and funded both Sum180 and another current business, theClick, an email newsletter by women for women on topics including beauty, fitness, travel and more.
FlexWage Solutions, a leading provider of employer-sponsored early pay and financially responsible short-term liquidity solutions for employees, will continue to provide its Visa-branded FlexWage Payroll Debit Card; Direct Pay, a technology solution that enables instant delivery of non-recurring payments; and OnDemand Pay, the industry’s only patented non-loan solution. OnDemand Pay provides employees with responsible access to earned wages prior to payday.
As part of FlexWage’s full suite of offerings, Sum180 will continue providing a subscription-based financial wellness service with gamified mobile setup, tips, and easy budgeting; highly personalized, right-sized Next Steps with how-to information, and access to coaching from financial advisers.
“Sum180 is so fortunate to be joining a company with the same passion for helping employees achieve financial wellness. Our combined resources and capabilities provide employers with a truly unique suite of financial empowerment and wellness tools,” said Carla Dearing, Sum180 co-founder and CEO.
“Acquiring Sum180 allows us to significantly leverage and enhance our core product offerings, and extend our market reach. FlexWage provides a unique range of data driven solutions that now provide employers with a single partner to address the financial wellness needs for all employees. We’re confident that our shared values and mission will provide tremendous benefits to our current and future clients,” said FlexWage Solutions founder and CEO Frank Dombroski.
Reily, an IMC board member along with Joel Coleman, Carla Dearing and Bob Saunders, added, “We are proud that listening to the needs of real people helped us build a financial service company that works for everyone. IMC continues to be a business that makes great ideas happen, whether in fintech, digital marketing, or consumer products.”