ZayZoon, an earned wage access (EWA) provider, raises $34.5 million in Series B funding led by Framework Venture Partners to support small and medium-sized businesses (SMBs) and their employees.
Facts
- ZayZoon secures $34.5 million in debt and equity funding for its Series B round.
- Framework Venture Partners leads the funding round, with co-investment from Export Development Canada (EDC) and participation from ATB Financial and existing shareholders.
- Founded in 2014, ZayZoon operates in Canada and the US, focusing on SMBs and enabling employees to access earned pay at their convenience.
- The platform boasts a quick 30-minute implementation for employers, offers financial education tools for employees, and provides payout options like bank deposits, debit cards, and fee-free choices such as instant gift cards and gas cards.
- ZayZoon reports over 400% year-on-year growth in payouts due to a significant increase in its customer base.
- With the new funding, ZayZoon aims to enhance features for both employees and employers, bolster recruiting efforts, and facilitate company expansion.
- Darcy Tuer, co-founder and CEO of ZayZoon, emphasizes the company’s commitment to financial health and workplace engagement for SMBs, aiding Americans living paycheck to paycheck in planning for their future.
