How they describe themselves: PayActiv makes payroll work more effectively for the benefit of both employers and employees. In the US, payroll is processed in arrears and a staggering $120B remains stuck in transit every week, while over 80M Americans are living paycheck to paycheck. PayActiv partners with employers to provide their employees access to earned income in real-time. PayActiv’s service makes a measurable impact on employee recruitment, engagement, productivity and retention. Employees using the PayActiv real-time payroll are able to enjoy income smoothing, stress free cash management options and savings with security and dignity.
How they describe their product/innovation: 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.
Product distribution strategy: Direct to Business (B2B), through financial institutions, through other fintech companies and platforms, licensed.
Bus. Dev. & Press: Safwan Shah, CEO & Founder, 408-676-6561
Sales: Ijaz Anwar, COO, 408-606-8443 x103