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PayActiv’s MyMo Helps Consumers Intelligently Manage Their Finances

PayActiv’s MyMo Helps Consumers Intelligently Manage Their Finances
By David Penn Posted on
Categories: FinovateSpring 2015, PayActiv

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

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