Texas-based employee payments platform Grazzy has scored $4.25m in a recent seed funding round.
The funding was provided by Next Coast Ventures and Tuesday Capital to fuel the expansion of its digital tipping, same-day pay and inclusive banking capabilities.
Grazzy powers hospitality’s future of digital tips, same day pay, and financial wellness for hourly workers. The company helps hotels, bars, restaurants, salons and more improve employee retention and recruiting by increasing wages, unlocking instant access to same-day earnings, and offering more inclusive financial wellness for hourly employees.
This latest infusion of capital will be used to accelerate growth across large hotel brands and operating groups, restaurant groups, and salons looking for modern ways to improve the employee experience, while reducing costs.
Additionally, this funding will support the continuation of seamless integrations between the Grazzy platform and the major systems (PMS, HMA, and POS) that most hospitality and service businesses rely on to run their operations.
Grazzy founder and CEO Russell Lemmer said, “The annual cost of voluntary hourly staff turnover for US businesses is over $100B, with most leaving for financial reasons. By addressing the financial wellness of those employees, we can reduce turnover and improve lives.
“Even as hourly pay rates increase, we know that cash constraints have meant meaningfully less earnings for service industry workers who depend on tips to supplement their hourly wages. We’re on a mission to fix that. Our digital, employee-centric platform helps those folks make more money, use it the same day, and save and spend in better ways.”
The Grazzy platform offers the modern familiarity of a P2P payments experience that guests love, but with the enterprise-level branding, compliance and reporting that’s required to successfully deliver ROI at scale.
Mad Mobile, a connected commerce and mobile payments firm, has scored $20m in financing from Eastward Capital Partners.
Copyright © 2023 FinTech Global