Salarium Fintech offers payroll and salary management applications that utilize automated calculations and real-time data access to streamline employee compensation processes. This technology reduces administrative burdens and ensures timely payments, eliminating inefficiencies found in traditional payroll systems.
Funding
$570K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many employees face financial instability due to unforeseen expenses arising between paychecks. Traditional payroll systems do not offer the flexibility for employees to access earned wages on demand, leading to increased financial stress and decreased productivity.
Solution
Salarium provides a mobile application that allows employees to access up to 50% of their earned but unpaid wages, improving financial stability and employee satisfaction. The platform integrates with existing payroll systems, enabling employers to offer on-demand salary advances without disrupting their current payroll processes. Employees can request instant transfers to their bank cards, providing immediate access to funds when needed. Salarium automates the reconciliation of advances with the payroll, reducing administrative overhead for HR and finance departments.
Target Audience
Salarium targets employers of all sizes looking to improve employee financial well-being, increase retention, and gain a competitive edge in recruitment, specifically HR departments and company leadership.
Features
- Mobile application for employees to request salary advances
- Integration with existing payroll providers for automated reconciliation
- Instant transfer of funds to employee bank cards via Visa Direct and Mastercard Send
- Customizable advance limits per employee or employee category
- Automated calculation of available advance amounts based on worked days
- Dedicated support line for employee inquiries
- Multi-tier pricing plans based on features such as payroll integration, transfer limits, and support levels