Sorbet, the leading fintech platform that helps employees access the financial value of their unused Paid Time Off (PTO), announced a $25 million debt facility from a fund managed by Pier Asset Management, a private credit investment firm supporting high-growth fintech companies. This announcement comes at a critical moment, as persistent inflation and tighter credit markets have left many Americans with fewer options to access much-needed liquidity. The new facility will allow Sorbet to meet strong and sustained demand from employers and employees nationwide.
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Sorbet has emerged as the category leader in unlocking the hidden monetary value of PTO, enabling employees across the U.S. to advance their unused PTO as they accrue it, without having to wait until they leave their job. To date, Sorbet has received over 200,000 applications, representing more than $75 million in unlocked PTO value underscoring the scale of employee need and enthusiasm for modern, earned-benefit-based financial tools. By uncovering an historically overlooked financial asset, Sorbet has the proprietary, AI-powered data and unique decisioning insight to offer low-risk loans based on information other consumer lenders are blind to.
Alongside the $25 million debt facility milestone, Sorbet is introducing a major product enhancement: the ability for users to connect their Sorbet accounts to their payroll systems through integrations with Pinwheel. This new feature allows repayments to flow directly from each paycheck making the process effortless, consistent, and hands-free. With this update, Sorbet can responsibly expand access to more applicants and provide even more working Americans with the flexibility to turn their unused PTO into a financial resource they can use on their terms.
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“Our mission is to inspire employees and employers with a new way of thinking about Paid Time Off — transforming unused hours and days into a powerful tool for smarter financial planning that helps Americans take meaningful steps toward financial freedom and security,” said Veetahl Eilat-Raichel, Co-Founder and CEO of Sorbet. “Securing this facility from Pier during market uncertainty validates the strength and crucial need for our unique model, allowing us to bring our solutions to even more people who might’ve had limited access previously. With many American employees continuing to struggle with the cost of living, we make it easy for them to unlock what they’ve already earned”
“Pier prides itself on our unique ability to provide capital to new, emerging and disruptive players. Sorbet is building a new category in consumer lending that combines PTO as an underlying financial asset alongside traditional financial underwriting, in a simple, powerful way,” said Conor Neu, CIO & Co founder of Pier. “We are proud to back an innovative platform that supports financial inclusivity and does so with strong fundamentals, compelling credit performance, and a clear roadmap for growth.”
“At Pinwheel, we believe the future of financial services is about creating solutions that work seamlessly for both consumers and businesses,” said Kurtis Lin, CEO & Co-Founder of Pinwheel. “This new Sorbet integration unlocks the value of unused PTO for consumers – a completely new and innovative use case for real-time payroll connectivity. We are thrilled to partner with Sorbet to help American consumers get more control over their finances and achieve better financial outcomes.”
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The $25 million in non-dilutive capital will be used to scale Sorbet’s core offering and serve a growing number of enterprise clients, fintech partners and benefit platforms. Alongside its direct-to-consumer offering, Sorbet enables employers to offer its solution as a unique voluntary financial wellness benefit without any added cost or operational burden for the company. The result is improved morale, stronger retention, and a new way to bring financial value to employees through a benefit they’ve already earned.
