PayActiv Raises $9 Million in Series A

PayActiv_homepage_Feb2016

In a round led by SoftBank Capital, financial wellness specialist PayActiv has raised $9.2 million in new funding. The investment will help the company grow its suite of turnkey, workplace-based, financial wellness solutions.

Combined with a $4.35 million seed round from the summer of 2014, the Series A brings PayActiv’s total capital to more than $13 million.

PayActiv CEO and Founder Safwan Shah emphasized the potential for expansion when discussing both his company’s 2015 as well as the recent investment. “With this funding, we will continue to expand and enhance our innovative wellness programs that help all workers lead a better life with security, dignity, and savings,” Shah said.

PayActiv_stage_FS2015

Pictured: PayActiv CEO and founder Safwan Shah demonstrating the MyMo intelligent cash flow management app at FinovateSpring 2015.

PayActiv’s MyMo app is an intelligent, cash-flow management tool that gives workers the ability to get advances on future paychecks, as well as pay bills, transfer money, and top up prepaid mobile phones. PayActiv refers to this as helping close the “timing gap” between earning and spending, freeing earned income that is – from a cash-flow perspective – “stuck in traffic.” The app is available in both iOS and Android, and requires no changes in either incumbent IT or payroll systems. In addition to helping keep employees away from often predatory payday lenders, PayActiv’s MyMo can help workers build or rebuild credit, as well as help them manage their finances more efficiently.

Founded in January 2013 and headquartered in San Jose, California, PayActiv demonstrated MyMo at FinovateSpring 2015. The company was featured in an American Banker column on budgeting apps last November, the same month founder and CEO Shah was interviewed by TechnologyAdvice on the subject of income smoothing and real-time income access.

Finovate Alumni News

On Finovate.com

  • Zopa launches three new loan products: Classic, Access, and Plus, expanding ability to lend to higher risk borrowers.
  • Envestnet | Yodlee teams up with South African API marketplace, Limitless.
  • “PayActiv raises $9 million in Series A”
  • “Modo Payments closes $2 Million in Funding”

Around the web

  • BioCatch announces real time detection of Remote Access and RAT-in-the-Mobile (RitM) malware.
  • PayPal unveils redesign of its Android and iOS mobile apps.
  • eToro partners with Sberbank to bring its social trading network to Russian investors.
  • News America Marketing and Linkable Networks announce partnership deal.
  • Nasscom Product Community blog features Bridgei2i.
  • InforcePRO adopts DTCC’s IR&S Solution to link with Carrier Partners.

This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • “Thinking Capital and Flybits earn Deloitte’s Technology Fast 50 Canada Awards”
  • “ID Analytics, Payfone Win at 2015 Fierce Innovation Awards”

Around the web

  • American Banker features PayActiv in a look at budgeting apps.
  • Let’s Talk Payments presents a roundup of wealth managers turned robo-advisers, including Nutmeg.
  • Yodlee features how DoubleNet Pay enables automatic bill pay and financial health for employees.

This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.

PayActiv’s MyMo Helps Consumers Intelligently Manage Their Finances

This post is part of our live coverage of FinovateSpring 2015.

PayActiv Logos CMYKPayActiv introduces MyMo, an app and ecosystem that help employees cover the gap between earning and spending:

PayActiv’s MyMo (My Money) app and ecosystem requires no change in existing IT or payroll process of an employer. Employees enrolled in MyMo can (1) intelligently manage their finances; (2) instantly access funds to bridge the timing gap between earning and spending; (3) deal with emergencies without taking predatory loans or having exposure to overdraft fees.

MyMo presenter: Founder and CEO Safwan Shah of PayActiv

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Product Launch: November 2014

Metrics: Money raised: $6.7M; employees: 10; revenues: early revenue has begun; multiple customers signed
Product distribution strategy: Direct to Business (B2B), through financial institutions, through other fintech companies and platforms, licensed

HQ: San Jose, California
Founded: January 2013
Website: payactiv.com
Twitter: @payactiv

FinovateSpring 2015 Sneak Peek: Part 3

PacketIMG1We’re two weeks into featuring all 70+ presenting companies that will demo their new technology at FinovateSpring next month in San Jose, and there’s still a lot of information to take in.

Today, we’re taking a closer look at:

On 12/13 May, we’ll host a crowd of fintech experts, banking execs, investors, and press at San Jose’s City National Civic. Pick up your ticket here to claim a ticket of your own.

If you missed them, be sure to check out the fourteen companies we featured last week:


3E Software: Ever dream of a solution where lending staff can access and interact with all the data they need from any source? That’s Teslar.

Features:

  • Data from all systems: core, credit card, factoring, etc.
  • Empowers your lending staff
  • So easy even a lender can use it

Why it’s great
One word: Empowerment. With Teslar, your lending staff can be empowered to get things done now, not when another resource can get to it.

3EPresenterPresenter

Joe Ehrhardt, President, CEO
For 16 years, Ehrhardt has worked in or for financial institutions. With his common-sense approach and technology know-how, he is driven to change how banks of all sizes work and operate.
LinkedIn


CorezoidlogoCorezoid.com is the first cloud operating system that can implement and support any kind of algorithm and business process.

Features:

  • Rapid integration into any type of business process
  • Low-cost, flexible system
  • Faster with fewer developers

Why it’s great
While you read this text, 32,000 small corezoids have easily handled the work of huge online banks and implemented about a million logical operations.

Presenters

  1. Maria Gurina, deputy head of ecommerce
  2. Egor Avetisov, creative director
  3. Kristina Chaykovskaya, head of ecommerce

MalauzaiLogoMalauzai Software is a mobile-only, virtual banking experience that makes banking fun, effortless and completely branchless. See it on Apple Watch too!

Why it’s great
A cool, mobile-only virtual banking experience that delivers effortless, branchless banking, powered by advanced technology.

MalauzaiPresenter1Presenters

Robb Gaynor, Founder, Chief Product Officer
Gaynor heads up the product development and marketing of the organization, focused on ensuring the company has solutions at the cutting-edge of mobile innovation. He has more than 25 years of experience.
LinkedIn

MalauzaiPresenter2Danny Piangerelli, Founder, Chief Product Officer
Piangerelli leads the technology team and is responsible for all aspects of Malauzai’s technology infrastructure. He has more than 15 years of engineering and enterprise-class technology experience.
LinkedIn

 

 


PayActivLogoPayActiv changes the status quo and gives employees a noncredit alternative to predatory short-term lending products with security, dignity and savings.

Features:

  • Bridges the timing gap between earning and spending
  • Eliminates the stress of overdraft and predatory fees
  • Provides intelligent and preemptive cash-flow management

Why it’s great
PayPresenter1PayActiv puts more money in the hands of every employee right now. They do it by making business’s payroll in real-time.

Presenters

Safwan Shah, CEO, Founder
Technologist, payments expert, and entrepreneur, Shah is an innovator with a purpose.
LinkedIn

PayActivPresenter2Kacky Fuller, Vice President Business Development
Fuller is PayActiv’s sales leader with 10 years’ experience in payroll and prepaid products.
LinkedIn

 

 


PsychSignalLogoPsychSignal’s big-data processing-engines generate sentiment-analysis plus artificial intelligence to calculate stock-cycle shifts for Quant Funds, Hedge Funds and Traders.

Features:

  • Big-data processing detects mood shifts ahead of trade-direction shifts
  • Unusual sentiment activity triggers direct, actionable alerts
  • Fully automated system

Why it’s great
The next generation Squawk-Box is here.

PsychSignalPresenter1Presenters

James Crane-Baker, CEO
Crane-Baker is the former head trader of Broadway Trading, the pioneer of direct-access electronic trading; he is the founder and chief executive officer of PsychSignal.
LinkedIn

PsychSignalPresenter2Bjorn Simundson, CMO
Simundson is a serial entrepreneur, inventor, angel investor, and he serves as chief marketing officer for PsychSignal.
LinkedIn

 

 


SomeoneWithGroupLogoSomeone With Group offers a compassionate way for hospitals to reduce bad debt by providing patients a secure platform to reach out to friends and family for financial support.

Features:

  • Fraud resistant
  • Restricted spending
  • Branded for the hospital

Why it’s great
Someone With Group is taking the crowdfunding concept to the next level with a fraud-resistant platform that helps both hospitals and patients.

Presenters

SWGPresenter1Paula Jagemann-Bane, CEO
Jagemann-Bane is a successful entrepreneur who thinks big, then delivers. Dynamic and engaging, she is poised to solve the hospital bad-debt problem—with compassion.
LinkedIn

Matt Pomrink, President, COO
Pomrink is detail-oriented without losing sight of the big picture; he has shepherded the SWGPresenter2Someone With Group concept to a robust solution.
LinkedIn

 

 


TrizicLogoTrizic offers a cloud-based software platform, Accelerator, comprised of a consumer-facing web experience and an adviser-facing console, enabling financial firms to offer investment advice digitally.

Features:

  • Automates complex portfolio management, rebalancing and reporting functions
  • Accommodates ETFs, mutual funds, equities
  • Enables firms to compete with robo-advisers and grow their business

Why it’s great
Trizic Accelerator is the most comprehensive, end-to-end institutional-class digital advice-platform for financial firms, helping them to delight clients and to grow and scale their businesses.

Presenters

TrizicPresenterBrad Matthews, CEO, Founder
Matthews, the CEO and founder of Trizic, has deep investment-management expertise, honed at J.P. Morgan, Citi, Barclays and Bear Stearns.
LinkedIn

 


Stay tuned for part four of our series this Thursday.