Virginia Beach-based FinFit’s financial wellness is catching on
David Kilby wants to leave his competitors in the dust.
And he believes he’s already doing a good job of it.
The president of Virginia Beach-based Finfit, an online platform that provides financial wellness resources and services to employees, started the company in 2008 and had 17 clients at the end of that first year.
By January 2016, the company had around 300 clients and 12 months later, it had increased its client base to nearly 1,700.
Now FinFit is working with about 100,000 employers.
Kilby said the company is the largest provider of financial wellness in the nation and that its growth is partly due to how much the industry is catching on with employers.
FinFit provides services directly to employers or through channel partners. Employees have access to financial education, assessment processes, data points, tools and other resources. Short-term loans can also be issued through a FinFit partnership with Celtic Bank.
The company’s services and resources are what set it apart from similar companies, as well as the requirement of having to go through an education portal before having access to any other resources and tools, Kilby said.
Kilby said two years ago, Hampton Roads companies made up about 90 percent of the company’s business. Now it’s down to 25 percent because of FinFit’s gradual expansion to 43 other states.
According to an employer study FinFit conducted for 2017, the platform helped 84 percent of employees solve a financial crisis; 70 percent increased their personal savings.
Out of the employers who took the survey, 76 percent believe the platform improved employee job satisfaction, 55 percent saw a reduction in employee loan requests and 51 percent saw a reduction in 401(k) loan requests.
As far as how many employees use the platform at each company, Kilby said about 30 to 40 percent of a company’s employees will enter the platform within 12 months. That percentage increases as time goes on, he said.
FinFit is already developing a revised platform to cater to Canadian companies that have shown interest, but Kilby doesn’t envision going international anytime soon.
For now, the company will continue to expand its current client base that includes about 1 million employees.
This year, Kilby wants to expand to 5 million employees and then double that in 2019.
It just takes one employee at a time.