Paychex, Inc., an industry-leading human capital management (HCM) company, has announced a strategic partnership with SoFi, a digital finance solutions provider, to integrate SoFi at Work’s financial well-being resources and solutions into the Paychex Flex® Perks digital marketplace for its customers’ employees. This collaboration aims to provide employees of Paychex clients with seamless access to financial independence tools, including personal loans, student loans, and loan refinancing options.
The initiative addresses a growing expectation among employees for employer-provided financial well-being support. Cory Mau, Paychex vice president of corporate strategy, business development, and investor relations, noted that businesses offering such benefits often see increased employee productivity, enhanced talent recruitment and retention, and positive business outcomes. The Paychex Flex Perks partnership with SoFi provides these personal finance benefits at no direct cost to the employer.
Paychex Flex Perks, a feature within the company’s cloud-based HCM SaaS platform, Paychex Flex, enables employees to self-select additional benefits through payroll deduction. Designed for businesses of all sizes, the digital marketplace allows them to either enhance existing employee benefit packages or introduce benefits for the first time. Since its launch in the summer of 2024, over 230,000 customer employees have utilized at least one benefit from the marketplace.
Research from SoFi indicates the importance of financial guidance, with the top regret among student loan borrowers being the failure to seek such advice. The same survey revealed that becoming debt-free (41%) and owning a home (44%) were key milestones for students, graduates, and parents.
Kelli Keough, EVP for Spend, Invest, Protect, and Save at SoFi, stated that the partnership marks a significant step in SoFi at Work’s mission to foster financial independence across the U.S. She emphasized the importance of making financial tools and benefits accessible to all employees, regardless of company size. Embedding SoFi’s financial well-being tools directly into Paychex is expected to assist millions of users nationwide in managing their financial futures.
Paychex intends to continue expanding the offerings within Paychex Flex Perks, adapting to evolving trends and customer feedback. Paychex serves nearly 800,000 customers in the U.S. and Europe, providing comprehensive HCM solutions. SoFi Technologies, serving over 10.9 million members, offers a range of digital financial services, with its technology platform, Galileo, supporting 158.4 million global accounts.
