How they describe themselves: PayActiv is an alternative to short term, small dollar, predatory lending products that are used by millions of workers while waiting for pay day. Offered in partnership with businesses, PayActiv’s mobile app becomes the bank for the underserved and working poor – 90M in the US alone. PayActiv’s services include instant cash access, bill pay, bank transfer, savings, budgeting tools and lots more. Businesses can onboard and get operational in one day. Quantified benefits include turnover reduction, increased retention and engagement.
How they describe their product/innovation: Today, up to 90M working people in the US don’t have $500 for an emergency. Clearly the current methods to encourage savings for the working poor have failed. At PayActiv we have reimagined the concept of savings in a mobile app. Our app changes the status quo and makes savings simple, practical and achievable. Instead of using the percent of income approach for savings a more practical ‘units of time approach’ is used. People who found it impossible to save $500 were able to start saving without any training. We will demonstrate our mobile app.
Product distribution strategy: Direct to Business (B2B), through financial institutions, through other fintech companies and platforms, licensed