CALGARY, Alberta, Aug. 03, 2022 (GLOBE NEWSWIRE) — ZayZoon, a voluntary benefits provider that allows employees in the United States to have immediate access to their earned wages when they need them, is pleased to announce a series of funding totaling $25.5 million in total to be announced, consisting of $12.5 million in equity and $13 million in a new credit facility with ATB Financial.
This latest round of funding, led by Carpae Investments and Alpenglow Capital, brings the total equity raised by the company to $25 million. Existing shareholders also participated in this round, including InterGen Capital, Prairie Merchant Corporation and angel investors Sanders Lee (Hopewell) and Rob Ohlson (Maillot Homes). Although nearly all of the company’s funding comes from Canadian investors, the more than 3,000 companies that use ZayZoon to provide their employees with faster access to pay are located in the United States.
The majority of working Americans suffer from cash shortages, which can lead them to look for undesirable solutions to bridge the gap until the next payday. ZayZoon’s flagship Wages On-Demand product gives employees access to wages they’ve already earned but would otherwise have to wait until their next payday to claim. When the alternatives are expensive options like late bill payments, overdraft fees, and payday loans, financial options like Wages On-Demand are becoming increasingly important to millions of Americans.
In less than three minutes, an employee can sign up and instantly withdraw their earned wages into their existing bank account or other available wallet options for little or no cost.
Businesses partner with ZayZoon to improve recruitment, retention, and overall productivity in the workplace. With more than 100 payroll integrations, including being a Platinum Partner on the ADP Marketplace, over 60 percent of businesses in the United States can activate ZayZoon for their employees in less than 60 minutes for free and with no admin. Partnerships like these have enabled ZayZoon to offer its services to thousands of employees at franchises like McDonald’s, Burger King, Senior Helpers, and Choice Hotels.
Jamie Ha, ZayZoon Co-Founder and CFO, said: “We are delighted by the tremendous interest and support for this important offering for employers and employees. With this funding, we are able to bring ZayZoon’s Wages On-Demand service to millions of people across America, especially at a time when hard-working employees need it most.”
This funding round opens the opportunity to expand ZayZoon’s product offering beyond Wages On-Demand to include additional products and services that financially improve employee outcomes and financial well-being. In addition, ZayZoon enables hiring of key growth, operations and engineering positions.
Marcos Lopez, Director of Alpenglow, says: “ZayZoon has demonstrated the value it can bring to millions of employees and their employers through a unique distribution channel. We’re excited to see the team continue their impressive growth and their product being used by more workers and employers, helping them access their earned wages more effectively.”
ZayZoon’s mission is to significantly improve employee financial outcomes with effective and engaging financial products that also create a business advantage for employers. Leveraging ZayZoon’s extensive and robust payroll-integrated technology, businesses can give their employees access to a program that includes Wages On-Demand, financial literacy, and a prepaid spending card. Workers around the world rely on predatory products like payday loans and overdraft fees to bridge the paycheck-to-paycheck gap created by predetermined payroll cycles. ZayZoon aims to break this cycle. ZayZoon’s on-demand access to wages helps reduce employee financial burdens and significantly improve job retention, resource acquisition, and productivity.
Are you looking for a job in a high-growth human resources and financial technology company? Visit https://www.zayzoon.com/careers.
Contact: Chaz Somers [email protected]
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