MetLife Foundation announced that it will provide a $425,000 grant to SaverLife, a national nonprofit fintech company that helps low-income working families achieve prosperity through savings. SaverLife will use the grant to give cash support to around 800 SaverLife clients facing economic instability as a result of COVID-19. The grant is part of MetLife Foundation’s $25 million commitment to the COVID-19 global response.
Most of SaverLife’s online platform members are low-income women and people of color, who represent some of the groups hard hit by the pandemic. MetLife Foundation’s grant will support SaverLife members who have lost their regular paychecks, along with those using food stamps, with $500 “emergency savings boosts” through SaverLife’s existing digital platform.
Since the start of the pandemic, SaverLife has surveyed its members to better understand the real-life impact of COVID-19 on families. Not only did many lose jobs and incomes, but expenses also rose as families rushed to stock up on essentials.
“SaverLife creates solutions to help low-income people build financial resilience,” said Dennis White, president and CEO of MetLife Foundation. “With this grant, we want to help SaverLife’s members maintain a degree of resilience in the face of the severe challenges posed by the pandemic.”
“With MetLife Foundation’s support and by leveraging our existing technology, SaverLife is uniquely poised to provide effective and rapid economic support to working families facing unprecedented financial uncertainty,” said Leigh Phillips, CEO of SaverLife.
On top of the donation to SaverLife’s COVID-19 Emergency Response Fund, MetLife Foundation has provided $3.25 million in grants since 2016 to help SaverLife expand its user-centric savings platform and support low-income people in stabilizing their finances, including through tools provided in the workplace.
