PayActiv, Inc., the employer-sponsored earned wage access and holistic financial wellness platform, today announced that it has secured $100 million of funding to further its mission of bringing security, dignity and savings to workers. The Series C financing round was led by Eldridge and includes existing PayActiv shareholders Generation Partners and the Ziegler Link•Age Fund II.
“American families are facing more financial stress than they have in generations,” said Safwan Shah, CEO and Co-Founder of PayActiv. “The timing gap between work and wages is the main reason workers get hit with punitive late fees, overdraft fees and other penalties. Cumulatively, these fees reduce wages by seven percent every month. The PayActiv platform is the only system where everyone wins: employers lift worker morale with little to no cost and huge dividends; employees get wages when they actually need them most; and cash re-enters the economy faster, making communities financially healthier.”
PayActiv currently serves more than 4 million employees at over 1,000 businesses across retail, food services, business processing services, and over 400 senior living and healthcare businesses.