Paychex and SoFi Join Forces to Democratize Financial Wellness for Every Employee

A Strategic Alliance for a New Era of Work

In a decisive move to transform employee benefits, Paychex has partnered with SoFi at Work to offer advanced financial wellness tools. These tools are now fully integrated into Paychex Flex Perks, the benefits marketplace within the Paychex Flex® platform.

This partnership is more than just a product integration. It represents a broader trend where employers embrace fintech to support workforce well-being. With this collaboration, financial planning becomes personal, digital, and seamlessly accessible.

Bridging the Financial Guidance Gap

Research shows employees crave accessible financial guidance—yet most never receive it. SoFi’s recent study revealed that 44% of borrowers regret not seeking financial advice, particularly when planning for home ownership and eliminating debt.

By embedding financial wellness tools into the employee experience, Paychex is addressing a critical gap. Through SoFi’s digital offerings—like student loan refinancing, personal loans, and planning tools—employees gain support right where they need it: in the workplace.

This integration enables users to access services directly through their Paychex Flex dashboard, without leaving the platform or involving HR middlemen.

Benefits That Don’t Burden Employers

One standout feature of this initiative is its employer-friendly design. There’s no cost for companies to offer these financial wellness tools to their workforce. Employers can enable access to the suite of services without increasing HR overhead or benefit spend.

This is particularly valuable for small and mid-sized businesses, which often struggle to offer competitive financial perks. The Flex Perks program solves this by providing enterprise-level tools without requiring enterprise-level budgets.

Flexibility That Adapts to Every Employee

The partnership also reflects how modern fintech aligns with evolving workforce expectations. Employees can select benefits that match their life stage, goals, or challenges. Whether saving for a home or paying down debt, they’re empowered to act.

Using payroll deduction, employees can fund chosen benefits directly and conveniently. That ease of use promotes adoption, which in turn drives stronger financial outcomes. The solution caters to a multigenerational workforce with diverse financial needs.

Since its launch in mid-2024, over 230,000 employees have already used Paychex Flex Perks to select at least one benefit. That early traction signals a clear market need for streamlined, digital-first financial benefits.

Executive Insights from Both Sides

Cory Mau, Paychex VP of Corporate Strategy, shared, “Employees now expect financial well-being support. It’s become essential—not optional.”

He added that such benefits enhance talent retention, improve productivity, and drive long-term success. “We’re proud to partner with SoFi to provide real financial value at no cost to employers,” he said.

Kelli Keough, EVP at SoFi, emphasized inclusivity: “Financial tools shouldn’t be limited to big corporations. Our goal is to make them universally accessible.”

According to Keough, embedding SoFi directly within Paychex opens up life-changing services to millions. “This partnership is a major step toward empowering employees everywhere to gain financial control,” she said.

Why This Matters in Today’s Fintech Landscape

As digital banking matures, the value is shifting from just transactions to meaningful financial wellness tools. Employees increasingly view financial support as central to their job satisfaction.

At the same time, fintechs like SoFi are extending beyond consumer banking into workplace finance. By partnering with established payroll platforms like Paychex, they meet users where they are—at work.

This collaboration not only enhances user experience but also demonstrates how fintech can scale impact through embedded solutions.

A Blueprint for Scalable Financial Wellness

The Paychex–SoFi collaboration sets a compelling precedent. It offers a replicable model for how fintechs and HR tech can combine forces to serve millions.

For business leaders, it’s a reminder that financial wellness isn’t just good for employees—it’s a lever for engagement and business growth. Tools that once felt aspirational are now tangible, embedded, and easy to deploy.

Ultimately, financial stress is one of the biggest productivity drains. Solving it with purpose-built fintech tools can unlock happier teams and healthier companies.

Looking Ahead

As more employers embrace digital benefits, expectations will only rise. Partnerships like this prove that financial empowerment can scale—especially when powered by smart technology and delivered where it matters most.

With Paychex and SoFi leading the charge, financial wellness tools are no longer a luxury perk. They’re becoming the new standard in workplace benefits.

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