ZayZoon, a Phoenix-based company that provides earned wage access (EWA) to small and mid-sized businesses (SMBs), has secured $34.5 million in debt and equity for its Series B financing.
The round was led by Framework Venture Partners, a Toronto-based venture capital firm that invests in software, financial services, fintech, and artificial intelligence sectors. Export Development Canada (EDC), ATB Financial, and existing shareholders also participated in the round.
ZayZoon plans to use the new funding to support its recruiting efforts and continue its growth and innovation. The company offers a financial empowerment platform that allows workers to access their wages on demand, without fees or interest. The platform also provides various payout options, such as bank deposits, debit cards, instant gift cards, and gas cards, as well as educational resources and tools to help workers improve their financial health.
ZayZoon has partnered with several corporate partners, such as ADP and PrismHR, to integrate its platform into existing payroll and HR infrastructure. The company’s mission is to be a partner in financial health and workplace engagement for SMBs. In 2023, ZayZoon was named an ADP and PrismHR Marketplace Partner of the Year.