PayTech honors Payactiv’s financial wellness solution for championing...
San Jose, CA – August 27, 2024 – Payactiv, Inc, the pioneer and leading...
Millions of Workers Empowered to Gain Financial Control With Timely Access to...
Innovators with purpose
Payactiv was founded to level the playing field for the millions of lower-income hourly workers being exploited and monetized for their ‘between paychecks’ cashflow timing issues. Rather than dwell over wage stagnation and tax structures, we at Payactiv set out to do what we knew best—solve this real-world problem with imagination and innovation.
- Invented Earned Wage Access
Payactiv built the technology and financial framework required to create the first-of-its-kind financial service that delivers on-demand, real-time access to earned wages.
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The first company to offer EWAWorkers at Jersey Precast Construction were the first people in the world who could login to their Payactiv account from their mobile phone and get the money for hours already worked. Not an advance and not a loan. Just their money when they needed it.
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The first round of fundingSoftbank invested $4.3 Million in Payactiv on it's mission to end financial stress for people living paycheck to paycheck. Payactiv added bill pay and savings tools for users underserved by banks.
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Certified B CorpFrom the start, we made a commitment to reducing the systemic burden placed on millions of lower-income workers who are exploited unfairly by predatory lending practices and are excluded or disadvantaged by a banking system geared for higher income earners. In 2015 we became a Certified B-Corp.
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FinTech Meets HRTechPayactiv won Finovate and HRTech awards and recognition for Earned Wage Access and innovative new way for people to build savings with every paycheck.
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A Watershed Moment for Employee Financial WellnessIn partnership with Payactiv, Walmart launched Earned Wage Access for their 1.4 million associates in the U.S., giving them the tools to avoid the fee and debt traps which reduce their take-home pay.
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$1 BillionPayactiv processed over $1B in EWA funds, saving $120 Million in fees, overdrafts, and interest for 650,000 users working at businesses across America. Harvard Kennedy School study based on Payactiv data found that employee turnover reduced by nearly 20% for employers offering Payactiv EWA.
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Partnerships with Uber and VisaPayactiv released the documentary titled, It’s About Time, to shed light on timing of pay and its correlation with epidemic financial stress being experienced by millions of working Americans. We also partnered with Uber to bring transportation services to those who are underbanked and underserved. And with Visa to further promote our goal of financial inclusion.
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We Heard You
When COVID-19 arrived, we double downed on our commitment to help workers get access to their money. We waived all fees for 75 days and together with partners. In August we launched 'We heard You,' a tribute to the humanity of all workers. We won the Finnovate Excellence in Sustainability Award and IPA’s Consumer Champion Award.
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Livelihood platformAfter 18-month research and design effort, we launched the new Payactiv App that incorporates the unmet needs of millions of Americans. We also launched Payactiv Connect, a communication and employee engagement platform for deskless employees.
Our technology empowers companies globally to help their employees be less stressed and lead more productive lives.
$5 Billion+
In Earned Wage Access
2 Million+
Users served
1,500+
Business partners
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© 2024 Payactiv, Inc. All Rights Reserved
24 hour support: 1 (877) 937-6966 | [email protected]
* The Payactiv Visa Prepaid Card is issued by Central Bank of Kansas City, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Certain fees, terms, and conditions are associated with the approval, maintenance, and use of the Card. You should consult your Cardholder Agreement and the Fee Schedule at payactiv.com/card411. If you have questions regarding the Card or such fees, terms, and conditions, you can contact us toll-free at 1-877-747-5862, 24 hours a day, 7 days a week.
** Central Bank of Kansas City is the issuer of the Payactiv Visa Prepaid Card only and does not administer, endorse, nor is liable for the Payactiv App.
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