Voluntary benefits provider ZayZoon gathers C$25.5m in financing

• Other backers include InterGen Capital and Prairie Merchant Corp
• ZayZoon was founded in 2014
• The more than 3,000 businesses using ZayZoon to offer their employees quicker access to pay are located in the US

ZayZoon, a Calgary-based provider of voluntary benefits that allow US employees to instantly access their earned wages on-demand, has closed a series of financings totaling C$25.5 million.

Carpae Investments and Alpenglow Capital led the current round. Other backers include InterGen Capital, Prairie Merchant Corp, and angel investors Sanders Lee and Rob Ohlson, among others.

Though almost all of the company’s funding has originated from Canadian investors, the more than 3,000 businesses using ZayZoon to offer their employees quicker access to pay are located in the United States.

Jamie Ha, co-founder and CFO of ZayZoon, said in a statement, “We are extremely excited to see the tremendous level of interest and support for this important offering for both employers and employees. With this financing, we are positioned to bring ZayZoon’s Wages On-Demand service to millions of people across America, especially during a phase when hardworking employees need it the most.”

ZayZoon’s mission is to materially improve employee financial outcomes with effective and engaging financial products that also create a business advantage for employers.

By leveraging ZayZoon’s extensive and robust payroll-integrated technology, businesses can give their staff access to a program that includes Wages On-Demand, Financial Education and a Prepaid Spending Card. Workers around the world rely on predatory products such as payday loans and overdraft fees to bridge the paycheck-to-paycheck gap created by pre-determined payroll cycles. ZayZoon aims to break that cycle. ZayZoon’s on-demand access to wages helps reduce employee financial stress and materially improves workplace retention, resourcing and productivity.