Financial Wellness Just Went Mainstream: Paychex and SoFi Team Up to Expand Access for American Workers
In a move that signals how deeply financial wellness is becoming embedded in employee benefits, Paychex today announced a new partnership with SoFi to deliver a suite of personal finance tools directly through its Paychex Flex® Perks platform. For employees of the 740,000+ businesses Paychex serves, that means streamlined access to SoFi at Work offerings—from student loan refinancing to personal financial planning—at no cost to their employer.
It’s a partnership designed to meet the modern employee where it hurts: their wallet.
“Employees today expect their employer to support their financial well-being—it’s no longer optional,” said Cory Mau, Paychex VP of corporate strategy. “With SoFi integrated into Flex Perks, we’re giving businesses of all sizes the ability to offer personal finance benefits that can really move the needle.”
From Student Debt to Financial Independence
This integration comes at a critical time. New SoFi research shows 41% of respondents identified becoming debt-free as a top life milestone, while 44% cited home ownership—yet many regret not seeking financial advice sooner. That disconnect is precisely what the Paychex-SoFi partnership hopes to close.
Through the Paychex Flex Perks platform, employees can now tap into SoFi’s digital suite, including:
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Student loan refinancing
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Personal loans
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Debt management tools
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Financial education and advice
And because it’s housed in Paychex Flex, the company’s cloud-based HCM platform, enrollment is seamless and highly personalized. Employees self-select benefits based on their needs and pay through payroll deductions, without any additional burden on the employer.
Benefits That Scale for SMBs and Enterprises Alike
The real power in this partnership is scale. Since launching in summer 2024, Paychex Flex Perks has already seen over 230,000 employees purchase a benefit through its curated marketplace. For small and mid-sized businesses, this collaboration means they can offer the kind of competitive benefits packages once reserved for the Fortune 500—without added cost or complexity.
“Top-tier financial tools shouldn’t be limited to employees at big firms,” said Kelli Keough, EVP at SoFi. “That’s why we’re partnering with Paychex—to bring these tools to millions more Americans through a platform they already use.”
This aligns with a broader trend: benefits personalization and portability are becoming key factors in both recruitment and retention, particularly among younger and financially burdened generations. For businesses navigating a five-generational workforce, Paychex Flex Perks aims to be the benefits equalizer.
The collaboration is part of a growing shift in HCM: benefits are no longer just check-the-box incentives—they’re critical drivers of employee satisfaction and business performance. Financial stress is directly correlated with decreased productivity, higher turnover, and even health issues. Giving employees better tools to manage their money isn’t just generous—it’s smart business.
And Paychex isn’t stopping here. The Flex Perks marketplace continues to expand, with offerings that address everything from well-being to pet insurance to identity theft protection. The addition of SoFi adds real financial muscle to the platform—and sends a strong message to competitors: your benefits stack better include financial tools, or you’re falling behind.
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Business Wire, a Berkshire Hathaway company, is the global leader in press release distribution and regulatory disclosure. Public relations, investor relations, public policy and marketing professionals rely on Business Wire for secure and accurate distribution of market-moving news and multimedia. Founded in 1961, Business Wire is a trusted source for news organizations, journalists, investment professionals and regulatory authorities, delivering news directly into editorial systems and leading online news sources via its multi-patented NX network. Business Wire’s global newsrooms are available to meet the needs of communications professionals and news media worldwide.
