Earnin, a Palo Alto, CA-based provider of an app that allows anyone with a job and a bank account to get paid the minute they leave work, closed a $125m round of equity financing.
Backers included DST Global, Andreessen Horowitz, Spark Capital, Matrix Partners, March Capital Partners, Coatue Management, Ribbit Capital, and the a16z Cultural Leadership Fund.
The company intends to use the funds to expand the team, develop new partnerships, continue to drive awareness around the financial challenges faced by so many Americans.
Launched in 2014 by CEO Ram Palaniappan, Earnin provides a solution that allows people to access their pay the minute they leave work, with no fees, interest, or hidden costs. People tip what they think is fair and receive their money in their bank account instantly. Its community includes workers from more than 50,000 employers across all 50 states, logging a combined 15 million hours of work a week.