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ZayZoon raises $15m for earned wage access platform

ZayZoon raises $15m for earned wage access platform

ZayZoon, an earned wage access provider for SMEs has raised $15 million in a Series B extension led by Viola Fintech.

The extension brings ZayZoon's total Series B to $49.5 million, with participation from Intuit Ventures and existing backers Framework Venture Partners and Export Development Canada.

ZayZoon's platform enables SMEs to let employees access a percentage of the wages they've already earned whenever they want for free. The platform also offers educational resources and tools to help workers break the paycheque-to-paycheque cycle.

The firm says that the service helps its clients attract more applicants, retain more employees and save money on payroll processing.

The funding will be used to push expansion for a firm that says it has already grown its business by almost a factor of eight in the last two years.

Noam Inbar, partner, Viola Fintech, says: "By empowering individuals to have better control and flexibility, ZayZoon not only alleviates financial stress but also cultivates stronger relationships between employers and employees in the SMB space."

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