About Payactiv

Payactiv provides employers with a financial wellness platform that offers employees on-demand access to their earned wages before payday. This earned wage access (EWA) feature helps employees avoid high-cost alternatives and improves workforce stability. The platform also includes budgeting, savings tools, and discounts to promote overall financial health.

<problem> Many employees face financial stress due to the traditional two-week pay cycle, leading to reliance on high-cost alternatives like payday loans or overdraft fees. This financial strain can negatively impact employee morale, productivity, and retention for businesses. </problem> <solution> Payactiv offers a financial wellness platform that provides employees with on-demand access to their earned wages before payday. This earned wage access (EWA) feature allows employees to draw from wages they have already worked, mitigating the need for predatory financial products. The platform also integrates a suite of financial management tools, including budgeting, savings, and exclusive discounts, to promote overall financial health. By offering this benefit, companies can enhance employee satisfaction, reduce turnover, and improve workforce stability. </solution> <features> - Earned Wage Access (EWA) providing immediate access to a portion of earned wages. - Direct deposit options to bank accounts, Payactiv Visa Card, or cash pickup at select retailers. - Integrated digital wallet for managing funds and accessing financial tools. - Discount marketplace for savings on prescription medications and everyday purchases. - Financial education resources and access to 1:1 financial coaching. - Goal-based savings features to facilitate personal financial planning. - API integrations with major Human Capital Management (HCM), payroll, and time & attendance systems (e.g., ADP, Paychex, Kronos). - Zero cost to employers for offering the EWA benefit, with Payactiv fronting employee withdrawals. - Compliance with payroll regulations across all 50 states. - Security certifications including ISO27001, SOC1 Type II, and SOC2 Type II. </features> <target_audience> The primary target audience includes employers seeking to improve employee financial wellness, reduce turnover, and enhance recruitment. This encompasses businesses across various industries, from large enterprises to small and medium-sized businesses. </target_audience> <revenue_model> Payactiv generates revenue through interchange fees on Payactiv Visa Card transactions. For employers, the service is offered at no direct cost. Employees may incur minimal fees for certain expedited disbursement options if specific direct deposit thresholds are not met. </revenue_model>

What does Payactiv do?

Where is Payactiv located?

Payactiv is based in San Jose, United States.

When was Payactiv founded?

Payactiv was founded in 2012.

How much funding has Payactiv raised?

Payactiv has raised 100000000.

Location

San Jose, United States

Founded

2012

Funding

100000000

Employees

374 employees

Major Investors

Eldridge Industries

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Payactiv

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Executive Summary

payactiv.com 20K+

Crunchbase

Founded 2012 – San Jose, United States

Funding

Estimated Funding

$100M+

Major Investors

Eldridge Industries

Team (250+)

No team information available.

Company Description

Problem

Many employees face financial stress due to the traditional two-week pay cycle, leading to reliance on high-cost alternatives like payday loans or overdraft fees. This financial strain can negatively impact employee morale, productivity, and retention for businesses.

Solution

Payactiv offers a financial wellness platform that provides employees with on-demand access to their earned wages before payday. This earned wage access (EWA) feature allows employees to draw from wages they have already worked, mitigating the need for predatory financial products. The platform also integrates a suite of financial management tools, including budgeting, savings, and exclusive discounts, to promote overall financial health. By offering this benefit, companies can enhance employee satisfaction, reduce turnover, and improve workforce stability.

Features

Earned Wage Access (EWA) providing immediate access to a portion of earned wages.

Direct deposit options to bank accounts, Payactiv Visa Card, or cash pickup at select retailers.

Integrated digital wallet for managing funds and accessing financial tools.

Discount marketplace for savings on prescription medications and everyday purchases.

Financial education resources and access to 1:1 financial coaching.

Goal-based savings features to facilitate personal financial planning.

API integrations with major Human Capital Management (HCM), payroll, and time & attendance systems (e.g., ADP, Paychex, Kronos).

Zero cost to employers for offering the EWA benefit, with Payactiv fronting employee withdrawals.

Compliance with payroll regulations across all 50 states.

Security certifications including ISO27001, SOC1 Type II, and SOC2 Type II.

Target Audience

The primary target audience includes employers seeking to improve employee financial wellness, reduce turnover, and enhance recruitment. This encompasses businesses across various industries, from large enterprises to small and medium-sized businesses.

Revenue Model

Payactiv generates revenue through interchange fees on Payactiv Visa Card transactions. For employers, the service is offered at no direct cost. Employees may incur minimal fees for certain expedited disbursement options if specific direct deposit thresholds are not met.