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ZayZoon Adds $15 Million to Grow Earned Wage Access Platform

ZayZoon has raised $15 million in an extension of its Series B financing, bringing its total Series B funding round to $49.5 million.

The company will use the new financing to continue to grow, innovate and expand its earned wage access (EWA) platform for small and medium-sized businesses (SMBs), ZayZoon said in a Tuesday (March 26) press release.

This offering helps SMBs recruit, retain and support the financial betterment of their employees, according to the release. Over the last two years, the firm has increased its business by almost a factor of 8.

“We have grown by tailoring our products and support to SMBs as a vital backbone of the national and global economy,” Darcy Tuer, co-founder and CEO of ZayZoon, said in the release.

The company’s platform enables SMBs’ employees to get paid whenever they want, at the push of a button, according to the release. It also offers employees access to financial educational resources and tools.

The platform is free for employers and can be implemented in 30 minutes, the release said.

The extension of ZayZoon’s Series B financing comes six months after the company’s previous raise and was led by Viola Fintech with participation from Intuit Ventures and existing investors Framework Venture Partners and Export Development Canada (EDC).

“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,” Noam Inbar, partner at Viola Fintech, said in the release.

Adam Coccari, managing director at Intuit Ventures, added: “More than 60% of Americans live paycheck to paycheck. By partnering with payroll providers to help small businesses offer their employees early access to their wages, ZayZoon alleviates the financial challenges many Americans face and helps small business owners better hire, retain and motivate their teams.”

PYMNTS Intelligence has found that earned wage access can help companies improve employee loyalty and gain increased visibility into their cash on hand. Workers increasingly prefer to receive their wages as they earn them rather than waiting days or weeks, according to “The Rise of Instant Payroll and Early-Access Compensation,” a PYMNTS Intelligence and Ingo Money collaboration.

In July 2023, earned wage access company Immediate closed a $16 million funding round to accelerate its trajectory in the workplace financial health sector. Immediate said at the time that the new funding would enable it to better serve employees who are facing unexpected expenses.