PayActiv, a San Jose, CA-based provider of employment-based financial wellness products, secured $9.2m in funding.
An early stage fund affiliated with SoftBank Capital made the investment.
The company intends to use the funds to grow its suite of solutions.
Founded by CEO Safwan Shah, a payments industry veteran, PayActiv is a (certified B Corp.) fintech company offering a suite of employment-based financial wellness products. Its cloud-based MyMoNow solution, which provides employees with access to their earned but unpaid wages for a nominal fixed transaction fee – resulting in zero added debt, is offered by employers as a membership program. Employees can access up to $500 instantly to address immediate needs without fearing late and overdraft fees or additional debt.