ZayZoon

Calgary-based fintech ZayZoon has appointed Agata Zasada as Senior Vice President of People and Culture. Recognized as one of Canada’s Most Admired Chief People and Culture Officers for 2024, Zasada joins from Ontario fintech Paystone. CEO Darcy Tuer praised her leadership in fostering high-performance cultures.

ZayZoon, ranked in Deloitte’s Technology Fast 500, aims to save 10 million employees $10 billion through earned wage access solutions. With significant growth fueled by a Series B funding round, ZayZoon remains committed to empowering workers during economic challenges. Zasada’s addition highlights the company’s focus on people-driven innovation.

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Calgary’s ZayZoon has partnered with Scotiabank to expand Earned Wage Access (EWA) across Canada. EWA allows employees to access earned wages before payday, enhancing financial flexibility. Through this collaboration, Scotiabank business clients can now offer EWA as part of their employee benefits package, which aims to boost financial stability, job satisfaction, and business performance.

ZayZoon’s technology seamlessly integrates with payroll systems, providing workers access to funds via desktop or mobile devices. ZayZoon co-founder Darcy Tuer said the partnership addresses the growing need for financial solutions, as financial stress impacts nearly half of Canadian workers.

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Calgary’s ZayZoon, a leader in Earned Wage Access (EWA) in the U.S., is expanding to Canada. Recent data shows 54% of Canadians live paycheque-to-paycheque, with 27% behind on payments. ZayZoon’s platform for small and midsize businesses aims to save one million Canadians one billion dollars. EWA allows employees to access earned wages before payday, offering a low-cost alternative to payday loans.

Co-founder Tate Hackert emphasizes reducing financial stress and improving cash flow for employees. GM Shubh Sidhu highlights benefits for employers, including improved engagement and retention. ZayZoon’s expansion could revolutionize Canadian payroll.

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Calgary-based ZayZoon has successfully raised an additional $20 million, extending its Series B funding to $67 million. The round, led by Viola Fintech with contributions from Intuit Ventures and existing investors, reinforces ZayZoon’s innovative Earned Wage Access (EWA) services for small and mid-sized businesses.

ZayZoon, beneficial for both employers and employees, not only facilitates immediate wage access but also provides financial education resources. With 89% of its users reporting reduced financial stress and employers experiencing a 29% drop in turnover, ZayZoon’s impact is tangible. This new funding aims to accelerate ZayZoon’s growth, further supporting employee financial wellbeing and business innovation.

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Calgary-based Earned Wage provider ZayZoon has secured a substantial $46 million in funding, a blend of debt and equity, for its Employer Engagement Platform.

The Series B funding was spearheaded by Framework Venture Partners, in collaboration with Export Development Canada (EDC) and ATB Financial, along with participation from current stakeholders.

This financial boost will propel recruiting initiatives and further drive growth and innovation at ZayZoon.

Darcy Tuer, the Co-Founder and CEO, emphasized the company’s commitment to being a crucial financial health and workplace engagement partner for small and midsize businesses.

Want to know more? Check out the source code on Fintech.ca.