Australian FinTech CashD Looks to Redefine Pay Cycles

Australian B2B FinTech CashD is looking to upend how pay cycles work by allowing workers to choose how and when they get paid, according to a Wednesday (June 22) press release.

The company said traditional pay cycles haven’t been getting things done for many workers, particularly those with “on-demand” needs. CashD said its services are also responding to concerns around inflation, as employees getting paid on their own schedules could suit them better.

CashD co-founder and CEO Marcus Lasarow said, “With inflation soaring, this type of financial flexibility is crucial. While this is a great step towards modernization in the way we approach salary and payroll, it is in reality a return to the values of enabling employees to have access to their wages as earned, using innovation to make this possible in today’s world.”

The release noted that the company has also recently brought in Eitan Neishlos, a FinTech investor and entrepreneur based in the United Arab Emirates (UAE), as a principle investor.

Neishlos will utilize his past track record of socially responsible investments, helping out with things like adding employee access to wages as earned, and avoiding high interest payday loans.

“CashD believes that when an employee earns money, they should have access to their money in real-time,” the company said in the release. “While there are some existing perceived solutions to this problem, CashD is unlike any lender or bank.

“An employee can view their available balance and instantly withdraw at any time during the pay cycle, receiving the funds directly to their bank account or directly pay bills. It’s not a loan, it’s their cash.”

There have been other such developments as of late, including Citizens Financial providing ways for employees to get early access to their paychecks.

See also: Citizens Bank Launches Early Access to Wages

Citizens Head of Treasury Solutions Michael Cummins said it was an important service to offer.

“Acquiring and retaining strong talent is more important than ever, and this program enables our clients to offer their employees a valuable benefit,” Cummins said. “This solution also offers employees tools that can help reduce their financial anxiety.”