ZayZoon charges employees $5 to get paid sooner
By Editor - Wed Aug 03, 2:52 am
In spite of the so-called Great Resignation, wages haven’t risen as dramatically as some economists anticipated. About 41% of workers recently surveyed by Willis Towers Watson say that they’re living paycheck to paycheck, while the Bureau of Economic Advisers reports that personal savings rates reached a seven-year low in April — reflecting the dire financial situation many workers find themselves in. Tate Hackert, the CEO of Calgary-based ZayZoon, asserts inflexible pay schedules are a major contributor to the inequity. That’s one of the reasons he founded ZayZoon, he says — so that workers can access pay when bills come due rather than on a fixed schedule. To grow the business, ZayZoon today closed a $12.5 million funding round co-led by Carpe Diem Investments and Alpenglow Capital with participation from InterGen Capital, Prairie Merchant Corporation, and several angel investors. Alongside a $13 million loan from ATB Financial, the proceeds bring ZayZoon’s total raised capital to date to $25 million. “Saving every penny I made, at the age of 16, I provided mortgage financing to a family friend in return for interest payments,” Hackert told TechCrunch in an email interview.
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