Funding
Funding not disclosed
Founders
Product
Problem
Many workers face unexpected expenses between paychecks, leading them to consider high-interest payday loans or incur late fees. Traditional payroll cycles can create cash-flow challenges for employees, especially those with limited savings or access to credit.
Solution
TapMyPay (now defunct) offered a service that allowed employees to access a portion of their earned wages before their scheduled payday. This on-demand pay solution provided a short-term advance on an employee's salary, giving them immediate access to funds to cover unforeseen costs. By providing an alternative to payday loans, TapMyPay aimed to offer a more affordable and convenient way for employees to manage their finances and avoid debt traps.
Target Audience
The target audience was employees who needed immediate access to their earned wages to cover unexpected expenses.
Features
- On-demand access to earned wages
- Mobile application for requesting wage advances
- Integration with employer payroll systems
- Automated repayment deducted from the employee's next paycheck