Earn-as-you-go startup Earnt.It believes the days of the monthly and bi-weekly pay cheques are numbered.
Founder Hasam Silva, who has spent the prior four years working at PayPal, launched the FinTech startup in October 2019. “I started on a journey to build a fairer and more affordable way to borrow money for the millions of people in the UK who live [pay cheque] to [pay cheque], often relying on high-interest credit products to cover unexpected costs when they arise,” he has written about the launch.
Earnt.It is based upon the idea that periodic remunerations are as outdated as scheduled television in the days of Netflix.
Instead, the startup aims to offer people the opportunity to tap into their earnings as they earn them.
It is currently testing the product and has roughly 1,000 people on its waiting list, claiming that some 20 potential users sign up to it every day.
“This is just the start, salary advance is our first product, a much-needed product for our customers,” Silva said. “In the future, I imagine an ecosystem of fair and affordable credit products that complements a bank account, not replaces it. Watch this space – we’re in for a hugely exciting 2020, and I can’t wait to get started.”
However, it hardly the only company to pull in this direction.
For instance, when ride-hailing giant Uber launched its FinTech initative Uber Money at the end of October last year, one of the key features of the new offering was to enable drivers to tap into their earnings as they earned them.
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