ZayZoon, a Phoenix, AZ-based Earned Wage Access (EWA) provider for small and mid-sized businesses, raised USD$34.5m in debt and equity for its Series B financing.
The round was led by Framework Venture Partners, with co-investment from Export Development Canada (EDC) and participation from ATB Financial as well as existing shareholders.
This financing will support recruiting efforts and continued growth and innovation for the company.
Led by Darcy Tuer, Co-Founder and CEO, ZayZoon provides a financial empowerment platform to small and mid-sized businesses in industries like hospitality, retail, food service, and many others. Employees can use it to get paid easily and get access to educational resources and tools to break the paycheck-to-paycheck cycle. The company’s list of payout options include bank deposits, debit cards, and fee-free payout options like Instant Gift Cards, Gas Cards, and more.
Year-over-year, ZayZoon has seen more than 400% growth in payouts with national popularity across franchisees and locations including Dunkin’, McDonald’s, and Amazon Warehouses, in addition to larger corporate customers like LIDS.
FinSMEs