EWA start-up ZayZoon secures $34.5m in Series B funding round
ZayZoon, an earned wage access (EWA) provider for small and medium-sized businesses (SMBs), has secured $34.5 million in debt and equity funding as part of its Series B funding round.
ZayZoon secures $34.5m in Series B funding
The round was led by Framework Venture Partners, with co-investment from Export Development Canada (EDC), and participation from ATB Financial as well as existing shareholders.
Founded in 2014 and based in Canada and the US, ZayZoon specifically focuses on SMBs, allowing their employees to access earned pay “whenever, however”.
It says its platform is free for employers and takes “only 30 minutes” to implement, while also offering financial educational tools and resources for employees. Payout options include bank deposits, debit cards, and fee-free payout options such as instant gift cards and fuel cards.
ZayZoon claims to have seen more than 400% year-on-year growth in payouts, fuelled by a “substantial” growth in customer base. With the fresh funding, ZayZoon plans on enhancing its features for employees and employers, support recruiting efforts and fuel the company’s growth.
“This financing will fuel our mission in being a true partner in financial health and workplace engagement to small and midsize businesses,” says Darcy Tuer, co-founder and CEO of ZayZoon.
“Not only does ZayZoon act as a substantial competitive advantage for the business, but it helps the millions of Americans living paycheck to paycheck get by between paydays and plan for the future.”
