CEO
Floatpays
Floatpays provides a payroll-linked financial wellness platform that helps employees build savings, access earned wages before payday, and secure pension-backed home loans. The platform is offered to employers at zero cost, with revenue generated through small one-time fees on earned wage access transactions. It includes features like automated savings, employee rewards, and vouchers for daily essentials and medical services.
- Financial Technology
- Software Only
- Applications
- HR Technology
Updated today
Funding
Funding not disclosed
Funding rounds are not available yet.
Founders
Product
Problem
Many employees lack access to affordable financial tools, leading to reliance on high-interest loans, payday lending, and poor savings habits. This financial stress reduces workplace engagement and productivity, while employers face administrative burdens managing loan requests and salary advances.
Solution
Floatpays delivers a unified, payroll-linked financial wellness platform that empowers employees to build savings, access earned wages before payday, and secure pension-backed home loans. The platform automates monthly savings contributions, provides interest-free earned wage access with a small one-time fee, and enables employees to use retirement savings to secure home loans. Employers gain a flexible rules engine to customize access limits and percentages, while payroll teams receive itemized deduction schedules and downloadable reports for seamless integration. The platform also includes employee rewards, communication tools, and financial wellness resources to support overall workforce wellbeing.
Target Audience
Primary customers are employers seeking to enhance their employee value proposition with financial wellness benefits, particularly in South Africa where pension-backed home loans address housing needs.
Features
- Automated monthly savings with set-and-forget contributions and itemized payroll deduction schedules
- Earned wage access with direct EFT payments, instant money vouchers, and Scan-to-Pay technology at 2,500+ Pick 'n Pay stores
- Pension-backed home loans that let employees use retirement savings to build, buy, or renovate homes while building credit
- Flexible rules engine allowing employers to customize percentages, minimum and maximum limits at organizational and individual levels
- Employee rewards, communication platform, and financial wellness tools for budgeting and planning
- Vouchers for daily essentials (data, airtime, electricity, water) and medical services (doctor, dentist, optometry)