Sorbet, a fintech company that allows employers to refinance Paid Time Off (PTO) and employees to cash out on unused days, has announced a new offering, Sorbet LITE, to help businesses alleviate employee PTO debt before year end.
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While Sorbet offers a long-term solution for companies looking to shift the culture around wellness benefits and incentivize employees to take PTO, Sorbet LITE provides instant gratification with an end of year antidote for CFOs and HR managers left with employee debt on their balance sheets.
Sorbet LITE allows employees to log in with their work email and cash out a portion of their eligible time, as approved by their employer. Cashed out time is loaded onto a prepaid Visa card which can be used anytime, anywhere.
"In our discussions with CFOs and CHROs we came to realize that PTO is in dire need of a deep cultural change," said Veetahl Eilat-Raichel, co-founder and CEO of Sorbet. "Our core platform Sorbet certainly supports this paradigm shift, but Sorbet LITE is filling the immediate need for a quicker, leaner and more transactional solution to help companies before the end of the year."
Sorbet was founded in 2019 by Eilat-Raichel (CEO), Eliaz Shapira (CPO) and serial entrepreneur Rami Kasterstein, and has received the largest seed funding round of any Israeli fintech company to date.
