PayActiv, a San Jose, CA-based provider of employment-based holistic financial wellness services, raised $20m in Series B financing.
The round was led by Generation Partners with participation from Ziegler Link•Age Fund II and affiliate funds of Softbank Capital. In conjunction with the funding, John Hawkins, Managing Partner at Generation Partners, will join the PayActiv Board of Directors.
The company intends to use the funds to expand its platform, accelerate growth and focus on developing additional high-impact solutions to the financial problems impacting billions of workers worldwide.
Founded in 2012 by Safwan Shah, CEO, PayActiv is an holistic financial wellness platform for employees to get on-demand access to earned but unpaid wages. The company also offers a suite of services that include banking products, savings and budgeting tools, bill payment and financial health measurement.
In December 2017, PayActiv signed an agreement with Walmart to deliver timely earned wage access to more than 1.4 million associates. In July 2018, the company announced an agreement with ADP that opens its services to more than 600,000 businesses nationwide.