Earnd, a Sydney startup that allows employees to draw down their salary in installments, has been acquired by Greensill, a UK-based supplier of alternative supply chain finance. Financial terms of the deal were not disclosed.
Greensill, which has secured hundreds of millions of dollars in backing from SoftBank Vision Fund, has built up its business by letting suppliers get early payments from clients in return for a small discount on the price.
However, the firm has recently signalled its intent to branch out, last year buying FreeUp, a London-based company that is developing technology to enable workers to receive early payment for earned, but unpaid, wages at zero cost to the employee.
Now it has acquired Earnd, an Australian startup in the same field as FreeUp. Established less than two years ago by entrepreneurs Josh Vernon and Serge Kotlyarov, Earnd now has 20 business customers with its services used by over 10,000 employees.
Earnd will spearhead Greensill’s entry into Australia and Asia Pacific and become the international brand for the buyer's instant wages app.
Lex Greensill, chief executive, Greensill, says: “We are attracted to like-minded companies with innovative technology and local expertise. In Earnd we have identified an outstanding young team led by an exceptional founder with proven technology. This acquisition will give us a springboard into Australia and the Asia Pacific region, allowing us to offer even more employees the opportunity to get paid sooner.”