ZayZoon – the Earned Wage Access (EWA) provider for small and mid-sized businesses – recently announced that it has raised $34.5 million in debt and equity for its Series B financing. The funding round was led by Framework Venture Partners, with co-investment from Export Development Canada (EDC) and participation from ATB Financial and existing shareholders. This funding round will support recruiting efforts and continued growth and innovation for the company.
As more than 60% of Americans live paycheck to paycheck, EWA provides employees with financial stability and helps employers support increased financial education and wellness for their teams. And as an EWA provider designed to support the specific needs of SMBs, this funding round will help support enhanced resources and features for employees and for employers in industries like hospitality, retail, food service, and many others who are feeling the pinch from a continued worker shortage.
ZayZoon has seen over 400% growth in payouts year-over-year, driven by their substantial growth and expanding customer base. And with national popularity across franchisees and locations, including Dunkin’, McDonald’s, and Amazon Warehouses, in addition to larger corporate customers like LIDS, ZayZoon has turned early momentum into widespread EWA adoption and sustained expansion. This expansive and persistent growth represents an emerging demand for EWA and employee engagement platforms among an SMB audience.
The payout options and other features have also seen significant investment and expansion. And based on demonstrated demand for more flexibility of when and how customers can access their wages, ZayZoon has grown its list of payout options to include bank deposits, debit cards, and fee-free payout options like Instant Gift Cards, Gas Cards, and more.
ZayZoon’s list of corporate partners also expanded significantly due to a strong focus on seamless integrations in existing payroll and HR infrastructure. ZayZoon was notably named an ADP and PrismHR Marketplace Partner of the Year this year.
KEY QUOTES:
“This financing will fuel our mission in being a true partner in financial health and workplace engagement to small and midsize businesses. Not only does ZayZoon act as a substantial competitive advantage for the business, but it helps the millions of Americans living paycheck to paycheck get by between paydays and plan for the future.”
— Darcy Tuer, Co-Founder and CEO of ZayZoon
“ZayZoon is making a tangible, positive difference in the financial health and futures of their customers and families. We’re excited to partner with ZayZoon at such a pivotal time in the company’s history and look forward to supporting its continued growth and impact on the communities it serves.”
— Ajay Gopal, Partner, Framework Venture Partners
