Sorbet, the leading FinTech platform that helps employees access the financial value of their unused Paid Time Off (PTO), announced a US$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.
Sorbet has emerged as the category leader in unlocking the hidden monetary value of PTO, enabling employees across the US 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 US$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.
“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.
