ZayZoon, an Earned Wage Access (EWA) provider for small and mid-sized businesses, today announced it has raised US $15 million in an extension of its Series B financing.
This investment round extension brings ZayZoon’s total Series B funding round “to 49.5 million USD.”
The round was led “by Viola Fintech with participation from Intuit Ventures and existing investors Framework Venture Partners, and Export Development Canada (EDC).”
This financing will support ZayZoon’s continued growth, innovation, and expansion.
This dual backing validates ZayZoon’s approach to the improvement of financial health and opens up “opportunities for collaboration and growth.”
Darcy Tuer, Co-Founder and CEO of ZayZoon, said:
“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.”
In the last two years alone, ZayZoon has grown its business “by almost a factor of 8, providing SMB business leaders with the tools to support employee recruitment, retention, and financial betterment.”
Noam Inbar, Partner at Viola Fintech, said:
“ZayZoon combines a powerful mission with exemplary execution that creates a real impac. By empowering individuals to have better control and flexibility, ZayZoon not only alleviates financial stress but also cultivates stronger relationships between employers and employees in the SMB space. We believe that the company will play a pivotal role in shaping the future of financial well-being and we are committed to supporting that journey.”
Adam Coccari, Managing Director at Intuit Ventures, said:
“At Intuit Ventures, we partner with accomplished startups that share our mission to power prosperity around the world for consumers and small businesses. More than 60% of Americans live paycheck to paycheck. By partnering with payroll providers to help small businesses offer their employees early access to their wages, ZayZoon alleviates the financial challenges many Americans face and helps small business owners better hire, retain and motivate their teams. We’re thrilled to welcome ZayZoon to our portfolio and look forward to working together.”