Financial wellness platform PayActiv partners with ADP Marketplace
Courtesy of a new partnership, clients of ADP will get access to PayActiv’s financial wellness platform. This ecosystem of business apps will expose more than 600,000 employers representing 26 million workers to PayActiv’s technology, reports David Penn at Finovate.
“Companies leveraging ADP Marketplace can save as much as $50,000 annually for as few as 100 employees enrolled in PayActiv,” says Safwan Shah, PayActiv CEO and founder.
PayActiv provides a way for employers to help their employees manage their financial lives. The company enables workers to get financial relief between paychecks – for example 50% of their already earned income – rather than relying on payday loans or credit cards.
PayActiv calls its strategy “timely earned wage access” or EWA and says the platform can be leveraged by both small businesses and larger companies to support not just timely EWA, but intelligent savings and budgeting, financial literacy, and counseling, and more. The platform is voluntary for workers, intuitive, and on-demand.
Designed to help the underserved and working poor access quality banking services, PayActiv provides cash access, bill pay, bank transfer, savings and budgeting tools.
Headquartered in San Jose, California, PayActiv has raised more than $17 million in funding. The company includes SoftBank Capital, Plug and Play Ventures, and RTA Capital among its investors.
