This post is part of our live coverage of FinovateFall 2013.
“Elastic is new a line of credit product for employees that is linked to payroll systems. The software-driven solution seamlessly integrates with payroll software platforms, reducing the cost and risk of providing cash advances.
The savings are passed on to employees in the form of lower costs as compared to overdraft fees and alternative emergency cash products. Once an employer signs up, the employee manages the rest of the process online. Elastic provides flexible and affordable payment options and loans can be repaid via direct deposit using the payroll system.”
Product Launch: September 2013
Metrics: Money raised to date, $60M; number of employees, 564; revenues, $500M in 2012; customers served, 1.5M; credit issued $3.5B; consumer savings, $1B
Product distribution strategy: Direct to Consumer (B2C), Direct to Business (B2B), & through financial institutions
HQ: Fort Worth, Texas
Founded: August 2011
Presenting Ken Rees (President & CEO), Kathy Boden Holland (EVP, Corporate Development), and Elio Mariani (Product Director)
The full demo video will be available in mid-September.