PayActiv, a U.S.-based provider of employment-based holistic financial wellness services, announced on Monday it has surpassed $1 billion in processed funds for timely earned wage access to the underserved and underbanked workforce. Speaking about the milestone, Safwan Shah, Founder and CEO of PayActiv, stated:
“Financial stress is at epidemic levels and it is soul crushing for hard-working Americans. Our results are a positive indicator that there is a free market solution, which is fair to the employee, creates quantifiable value for the employer without adding out of pocket cost, and doesn’t involve the employee being exposed to short term loans, personal borrowing and financial engineering.”
Founded in 2012, PayActiv describes itself as a holistic financial wellness platform for employees to get on-demand access to earned but unpaid wages. The company claims that businesses that use its services see significant cost reductions through increased engagement and retention. The latest milestone comes just a few months after PayActiv secured $20 million through its Series B financing round, which was led by Generation Partners.