ZayZoon operates an Earned Wage Access platform for SMBs that lets employees get paid whenever and offers employer-facing tools that the company says take 30 minutes to implement and are free for employers. The platform includes educational resources and tools intended to help workers break the paycheck-to-paycheck cycle; ZayZoon reports 89% of users experience less financial stress and employers see a 29% reduction in turnover. The company emphasizes product-market fit with SMBs and says it has grown its business by almost a factor of eight in the last two years. ZayZoon positions its offering as a recruitment, retention and financial-betterment tool for small business leaders. Management states the new financing will support continued growth, innovation, and geographic and product expansion. The company has a stated goal of saving 10 million people $10 billion through its services. ZayZoon provides an Earned Wage Access (EWA) and financial empowerment platform for small and mid-sized businesses, enabling employees to access wages on demand and offering educational resources to reduce financial stress. The platform is free for employers, integrates with payroll and HR systems, and supports payout options including bank deposits, debit cards, and fee-free options like Instant Gift Cards and Gas Cards. ZayZoon has seen more than 400% year-over-year growth in payouts and serves franchisees and locations such as Dunkin’, McDonald’s, and Amazon Warehouses, as well as corporate customers like LIDS. Customers report outcomes including 89% of employees experiencing less financial stress and employers seeing a 29% reduction in turnover. The company emphasizes seamless integrations and was named an ADP and PrismHR Marketplace Partner of the Year in 2023. The recent financing will support recruiting, continued growth and innovation, and enhancements to resources and features for employees and employers, particularly in hospitality, retail, and food service. ZayZoon offers an earned wage access (EWA) platform that allows small- and medium-sized businesses to let employees draw part of accrued wages before their payroll date. The service is free for employers; ZayZoon funds early wage requests itself to mitigate employer risk and charges workers a $5 fee to access up to $200 (the company also offers a prepaid Visa card that eliminates the fee). Workers still receive full pay at the end of each cycle and can link bank accounts for spending insights and alerts. ZayZoon says over 3,000 businesses offer the service and that 25%–45% of a workforce may access it regularly; named customers include Sonic, McDonald’s, Domino’s, and Hilton franchisees. The company positions itself as a socially responsible alternative to payday loans while acknowledging regulatory scrutiny of EWA products. With new capital, ZayZoon plans product development and market expansion and intends to grow headcount from about 60 to 85 employees by year-end. Its data and optional rewards program (ZayZoon Boost) involve sharing user information with partners for gift-card payouts, and users can request data deletion via customer support. ZayZoon partners and integrates with payroll companies and employers to deliver a financial wellness platform featuring access to Early Wages On-Demand. The platform gives employees control over their paychecks and aims to enhance productivity. Its Early Wages service is available to more than 2 million employees across North America. Founded in 2014 by Darcy Tuer (CEO) and Tate Hackert (President), the company builds payroll-integrated employee financial solutions. ZayZoon plans to use the new financing to continue expanding its business reach.

Total raised

$90M

Funding rounds

6

Latest round

Series B

Latest activity

Mar 2024