Activehours, a Palo Alto, CA-based mobile payday app, raised $22m in debt and equity funding.
The round was led by Matrix Partners, with participation from March Capital Partners as well as follow on participation from Ribbit Capital, Felicis Ventures, and other existing investors.
The company intends to use the funds to grow the team.
Led by Ram Palaniappan, founder, Activehours is a mobile app that gives people access to their pay quickly, enabling them to pay their bills on time and avoid late and overdraft fees. The app is available to anyone who has a checking account, regardless of their employer.
There is no fee or interest charged for using the service. Instead, every time a person uses the app, they are given the opportunity to pay what they believe is fair for the service. Any money given helps to support the community of people who use the app.
Since launching in 2014, Activehours has grown from working with people from 100 companies to working with individuals from over 12,000 companies.