ZayZoon, a Canadian provider of wages on-demand service, has secured $15m funding from a group of investors.
Prairie Merchant and Bluesky Equities were among the investors leading the fundraising.
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ZayZoon collaborates with payroll firms and employers to offer a financial wellness platform.
The platform gives access to early wages on-demand, thus preventing employees from the clutches of predatory lenders.
Access to early wages on-demand is said to be crucial considering the disconnect between the timing of receipt of wages and expenses of employees.
Currently, 78% of US employees live paycheck to paycheck, ZayZoon said.
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By GlobalDataWith the newly gathered capital, the firm aims to enhance its financial wellness platform and employee benefits programmes.
In this context, the firm also cites a study by PEW Charitable Trusts.
Of those polled in the study, 92% chose financial stability and predictable income over “moving up the income ladder.”
ZayZoon co-founder and CEO Darcy Tuer said: “Our capital providers have chosen to invest in ZayZoon because they see the positive impacts we are making on the financial well-being of employees across North America and the passion we have for building an exceptional business.”
Currently, the offerings of ZayZoon are used by more than two million employees in North America.
