PayActiv, Inc., a San Jose, Calif.-based employer-sponsored earned wage access and holistic financial wellness platform, secured $100m in Series C funding.
The round was led by Eldridge with participation from existing shareholders Generation Partners and the Ziegler Link•Age Fund II. The company has also structured an expandable variable funding facility with Security Benefit, a retirement solutions provider.
The combination of growth equity and VF Facility financing provides PayActiv the capability to expand its customer base, while supporting current clients with financial wellness benefits that improve employee engagement and retention.
Led by Safwan Shah, CEO and Co-Founder, PayActiv is a mobile app that provides the funds for earned wage access. A certified B Corp and Public Benefit Company, it offers flexibility in how users access their cash, including through direct cash pickup, PayActiv prepaid card, instant Visa or Mastercard debit card load, ACH payment, or by using wages to pay bills, make purchases on Amazon, or purchase rides on Uber. The company also provides its users with a range of financial wellness and planning tools backed by AI and machine learning that enable customers to save, budget and more efficiently manage their money.
The company currently serves more than 4 million employees at over 1,000 businesses across retail, food services, business processing services, and over 400 senior living and healthcare businesses. Its clients include Walmart, Wayfair, Ibex Global and many others.