PayActiv, a U.S.-based provider of employment-based holistic financial wellness services, announced on Thursday it secured $100 million through its Series C funding round, which was led by Eldridge and includes existing PayActiv shareholders Generation Partners and the Ziegler Link•Age Fund II.
As previously reported, 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.
“PayActiv is the best way for employees to get financial relief between paychecks, a service needed by two-thirds of the workforce. We give businesses the tools essential to ease the financial stress of their employees and build a higher performing workforce.”
PayActiv further revealed that it currently serves more than four million employees at over 1,000 businesses across retail, food services, business processing services, and over 400 senior living and healthcare businesses. Its clients include Walmart, Wayfair, Ibex Global, and many others.
The funding round comes less than a year after PayActiv became a Public Benefit Corporation. The company revealed at the time that as a Public Benefit Corporation, its key mission is to help lower-income and hourly wage employees access their earned but unpaid wages and other financial services, resulting in reduced financial distress and increased financial wellness.