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PayActiv provides a financial service that allows workers to access their earned wages before the traditional payday. This service helps individuals avoid high fees associated with payday loans and overdrafts. PayActiv calculates the wages workers have earned but not yet received by using time and attendance data from their employers. Once the employer processes the payment, the funds are made available on the worker's Payactiv Visa Card, often allowing for earlier access to their money. Unlike many competitors, PayActiv does not charge employers for this service, instead generating revenue through transaction fees when workers use their cards. The company aims to support workers financially while also being socially responsible, as it operates as a public benefit corporation and certified B Corp, focusing on the well-being of its users and the community.
Company Stage
Series C
Employees
201-500
Industries
Fintech, Social Impact
Total Funding
$130.2M
Headquarters
San Jose, California
Founded
2012
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