Setlary provides an on-demand wage access platform that allows employees to withdraw earned income before their scheduled payday. This solution improves employee financial wellness by offering timely access to wages, reducing reliance on costly short-term credit.
Funding
Funding not disclosed
Founders
Product
Problem
Employees in many industries lack immediate access to their earned wages, leading to financial stress and reliance on costly short-term credit. This delayed disbursement hinders financial stability and can negatively impact employee morale and productivity.
Solution
Setlary offers an essential wage access platform that provides employees with flexible and reliable access to their earned income before their scheduled payday. This solution empowers individuals by improving their financial wellness through timely and convenient wage disbursement. By enabling employees to draw on wages they have already earned, Setlary helps mitigate financial precarity and reduces the need for predatory lending options. The platform is designed for seamless integration into existing payroll systems, ensuring a smooth experience for both employers and employees.
Target Audience
The primary customers are employers across various industries seeking to enhance employee financial wellness and retention through a flexible wage access benefit.
Features
- On-demand access to earned wages, allowing employees to withdraw a portion of their pay before the official payday.
- Integration with existing payroll and HR systems for automated wage tracking and disbursement.
- Mobile application for employees to view earned wages, manage withdrawals, and access financial wellness resources.
- Secure and encrypted data transmission to protect sensitive employee and payroll information.
- Employer dashboard for oversight of wage access utilization and reporting.