ZayZoon, the leading Earned Wage Access (EWA) provider for small and mid-sized businesses, has successfully raised $15m in a Series B funding extension.
This fresh injection of capital was led by Viola Fintech, with contributions from Intuit Ventures and existing partners Framework Venture Partners, and Export Development Canada (EDC). This round propels ZayZoon’s total Series B funding to a robust $49.5m, underscoring the firm’s impressive growth trajectory and the confidence investors have in its innovative approach.
At its core, ZayZoon champions the financial empowerment of employees within the small and mid-sized business (SMB) sector. The company provides a platform that enables workers to access their earned wages ahead of the traditional pay cycle, a service that is not only beneficial for employees’ financial well-being but also for employers looking to enhance recruitment and retention. By integrating educational resources, ZayZoon goes a step further in helping employees break free from the paycheck-to-paycheck cycle, evidenced by a reported 89% of users experiencing reduced financial stress.
The funds from this latest round are earmarked for accelerating ZayZoon’s growth, innovation, and expansion efforts. With a nearly eightfold increase in its business within the last two years, ZayZoon is on a clear path to disrupt the traditional payday model, offering immediate financial relief and empowerment to its users.
Additional information highlighted in the announcement includes ZayZoon’s strategic partnerships with Intuit and Viola, aimed at fostering innovation and growth. These collaborations are poised to unlock new opportunities and further ZayZoon’s mission to improve financial health on a significant scale.
ZayZoon co-founder and CEO Darcy Tuer expressed enthusiasm about the partnerships, noting, “We have grown by tailoring our products and support to SMBs as a vital backbone of the national and global economy.
“In Intuit and Viola, we have found partners that share these values, and this new collaboration presents boundless opportunities for growth and innovation towards our goal of saving 10 million people 10 billion dollars.”
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