Yepzy is a financial technology platform that provides digital banking services specifically for unbanked guest workers, offering features such as direct deposit, checking accounts, and low-cost remittances. By eliminating high fees associated with cashing paychecks and transferring money internationally, Yepzy enhances financial accessibility and security for this underserved community.
Funding
$3.5M 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
Guest workers often face challenges accessing traditional banking services, leading to high fees for cashing paychecks and sending money internationally. These workers are frequently excluded from the financial mainstream, making them vulnerable to predatory financial practices and limiting their ability to save and build credit.
Solution
Yepzy provides a financial technology platform designed to serve unbanked guest workers, offering digital banking services through a mobile app. The platform allows guest workers to receive direct deposits, access checking and savings accounts, and obtain debit cards. Yepzy facilitates low-cost international money transfers, enabling users to send remittances to their families without incurring substantial fees. By partnering with employers and integrating with financial infrastructure providers like Ria Money Transfer and VISA, Yepzy aims to enhance financial inclusion and security for this underserved population.
Target Audience
The primary target audience is guest workers in the United States who are unbanked or underbanked, particularly those employed in the agricultural sector.
Features
- Mobile app available on iOS and Android for account management and transactions
- Direct deposit functionality for receiving payroll without check-cashing fees
- Checking and savings accounts with no minimum balance requirements
- Yepzy Visa debit card for purchases and ATM access
- Low-cost international money transfers with transparent fee structures
- Partnerships with employers to offer financial services as an employee benefit
- Integration with Ria Money Transfer for streamlined remittance processing
- Customer support available via phone and email in both English and Spanish