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Payactiv
Allowing early access to monthly paycheques
- 201-500 employees
- Fintech
- B2C
- B2B
- Sustainability
- HR
- Personal finance
- Payments
- Financial Services
- Mobile
- Wellbeing
- Loma Linda, San Jose, CA
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Company mission
To bring security, dignity, and savings to people who help create our economy.
5% employee growth in 12 months
Our take
PayActiv technologies enable employees to access their earned wages immediately, eliminating delays and reducing the need for overdrafts or payday loans. This service functions as a cash advance and integrates seamlessly with most payroll providers. Beyond wage advances, the PayActiv app offers various tools for financial management and savings encouragement.
Critics compare the $5 fee for early wage access to high-interest payday loans. However, CEO Safwan Shah highlights that late fees and overdraft fees can reduce monthly wages by about 7% on average. Additionally, companies using PayActiv see a reduction in staff turnover by a third. In a notable move, PayActiv has waived fees for senior care workers.
The system has been successfully implemented by major corporations, including Walmart, Pizza Hut, Subway, and Uber, providing substantial support to their workforce. PayActiv's approach is part of a broader trend where earned wage access (EWA) is becoming a popular employee benefit among large employers such as Amazon and McDonald’s. Studies indicate that EWA programs help attract and retain talent among other benefits so PayActiv's service is likely to be popular and support it's scaling.
Steph
Company Specialist at Welcome to the Jungle
Benefits
- Opportunity to work with a great team committed to making a difference
- Paid Vacations
- Opportunity to grow
- 401K, traditional and Roth
- Fully paid health, dental and vision insurance
- Paid time off to volunteer
- Monthly Gym Reimbursement
- Paid Family Leave (California)
- Complimentary office lunches
- Tuition Assistance or Tuition Reimbursement
Funding (last 2 of 6 rounds)
Aug 2020
$100m
SERIES C
Oct 2018
$20m
SERIES B
Total funding: $133.9m
This company has top investors
Leadership
Safwan Shah
(CEO)They started their career at Bioserve Space Technologies, Fourth Wave, and Infonox for 19 years, before working as a TSYS Group Executive and President of Infonox. They co-founded Payactiv in August 2012, while working as an Advisor and Board Member.
Sohail Aslam
(CTO)Having studied at San Jose State University, they worked with Safwan at Infonox before joining Microsoft as a Senior Engineer. They worked at Canfield Scientific before co-founding Stookle in 2008, and Payactiv in 2012.
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