Canadian Earned Wage provider ZayZoon has raised $46 million in a combination of debt and equity for its Employer Engagement Platform.
The Series B round was led by Framework Venture Partners, with co-investment from Export Development Canada (EDC) and participation from ATB Financial as well as existing shareholders.
The financing will support recruiting efforts and continued growth and innovation for the company.
“This financing will fuel our mission in being a true partner in financial health and workplace engagement to small and midsize businesses,” said Darcy Tuer, Co-Founder and CEO of ZayZoon.
“Not only does ZayZoon act as a substantial competitive advantage for the business, but it helps the millions of Americans living paycheck to paycheck get by between paydays and plan for the future.”
With 63% of Americans living paycheck to paycheck, Earned Wage Access (EWA) provides employees with financial stability, and helps employers support increased financial education and wellness for their teams.
As an EWA provider designed to support the specific needs of SMBs, this funding will help support enhanced resources and features for employees, and for employers in industries like hospitality, retail, food service, and many others who are feeling the pinch from a continued worker shortage.
Year-over-year, Calgary-headquartered ZayZoon has seen more than 400% growth in payouts, fuelled by their substantial growth and expanding customer base.
With national popularity across franchisees and locations including Dunkin’, McDonald’s, and Amazon Warehouses, in addition to larger corporate customers like LIDS, ZayZoon has turned early momentum into widespread EWA adoption and sustained expansion.
Payout options and other features have also seen significant investment and expansion. Based on demonstrated demand for more flexibility of when and how customers can access their wages, ZayZoon has grown their list of payout options to include bank deposits, debit cards, and fee-free payout options like Instant Gift Cards, Gas Cards, and more.