Tapcheck, which develops employee financial wellness and earned wage access services, has scored $20m in its Series A funding round.
US-based growth equity firm PeakSpan Capital served as the lead investor.
With the capital, the company plans to bolster its mission of improving business performance by empowering employees with financial wellness.
Tapcheck was founded in 2019 by husband and wife Ron Gaver and Kayling Gaver. They wished to find a way to help employees across the US to access earned wages before payday.
They had seen first-hand how cash advances relived the stress of living paycheck to paycheck. Not only did they see employee loyalty and productivity improve, but business performance and profitability did too.
Its platform integrates with over 100 systems, including ADP, Paychex, Paylocity and others.
After connecting to an employer’s existing payroll system, Tapcheck uses the most up-to-date payroll profile information to estimate an employee’s net earnings. The worker can choose when to access their pay for a small fee.
Over the past year, Tapcheck has seen its revenue increase ten-times over the past year.
Tapcheck COO and co-founder Kayling Gaver said, “The fallout from the pandemic has only accelerated the need for Tapcheck.
“It’s incredibly gratifying to be able to help workers and their families make it through unforeseen challenges and gain more financial flexibility and confidence, while helping employers retain great people.”
After adopting Tapcheck, 74% of employees reported reduced financial stress and 59% said they were motivated to go to work, Tapcheck claims.
Another employee-focused FinTech company raised capital this week. Gratuity management software Kickfin picked up $11m in its seed round. The company sends cashless tips to an employee’s bank account in real-time.
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