WageNow provides a two‑part platform for SMEs: a mobile‑based flexible wage access benefit that lets employees withdraw earned salary anytime, and off‑balance‑sheet payroll financing that advances payroll amounts to the employer with a transparent annual fee starting at 6 % p.a. The solution integrates with existing time‑tracking and payroll systems, improving employee financial wellbeing and retention while giving firms immediate, debt‑free liquidity for growth or seasonal cash‑flow needs.
Funding
$1.7M 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 small and medium-sized enterprises (SMEs) struggle with cash‑flow constraints and lack affordable financing options, while their employees often have limited access to earned wages before the monthly payroll, leading to financial stress and reduced employee retention.
Solution
WageNow offers a two‑part platform for SMEs. First, it provides a flexible wage access benefit that lets employees withdraw a portion of their earned salary at any time through a mobile app, without altering the regular payroll cycle. Second, it delivers off‑balance‑sheet financing that advances payroll amounts to the employer, freeing up working capital without creating additional debt on the company’s balance sheet. The financing is provided as a short‑term receivable with a transparent annual fee (starting at 6 % p.a.) and is repaid when the employer receives the corresponding payroll funds. Integration with existing time‑tracking and payroll systems automates the process, eliminating manual administration for HR and accounting. The combined solution improves employee financial wellbeing, boosts retention, and gives firms immediate liquidity for growth or seasonal needs.
Target Audience
WageNow targets SMEs with 20–500 employees that run regular payroll cycles and seek to improve employee retention and cash‑flow flexibility, including businesses with seasonal revenue patterns.
Features
- Mobile application for employees to request and receive partial salary advances instantly, with daily or percentage limits to ensure sustainability
- Real‑time visibility of available advance amounts and transaction history for both employees and employers
- Seamless integration with the company’s attendance and payroll systems to automate eligibility and limit calculations
- Off‑balance‑sheet payroll financing that advances wages to the employer, released as a short‑term receivable rather than a traditional loan
- Fixed annual fee (6‑10 % p.a.) with no collateral, credit checks, or impact on existing credit lines
- Flexible capital sizing and repayment schedule aligned with the employer’s payroll cycle
- Admin dashboard for HR to monitor employee advances, generate reports, and manage limits centrally