ZayZoon gathers $34.5m of debt and equity in Series B round

• ZayZoon is a financial empowerment platform that is free for employers
• Year-over-year, the company reports seeing more than 400 percent growth in payouts, fueled by their substantial growth and an expanding customer base
• The Series B’s proceeds will support recruiting efforts and ZayZoon’s expansion plans to serve small and mid-size businesses across the US

ZayZoon, a Calgary and Phoenix, Arizona-based earned wage access provider for small and mid-sized businesses, has raised $34.5 million in debt and equity for its Series B financing.

The 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 Series B’s proceeds will support recruiting efforts and ZayZoon’s expansion plans to serve small and mid-size businesses across the US.

ZayZoon is a financial empowerment platform that is free for employers. Year-over-year, the company reports seeing more than 400 percent growth in payouts, fueled by their substantial growth and an expanding customer base.

“ZayZoon is making a tangible, positive difference in the financial health and futures of their customers and families,” said Ajay Gopal, a partner at Framework Venture Partners, in a statement. “We’re excited to partner with ZayZoon at such a pivotal time in the company’s history and look forward to supporting its continued growth and impact on the communities it serves.”

Founded in 2018, Framework invests in the information and communications technology sector, with a strategy focused on financial technology and artificial intelligence. The venture capital firm has offices in Toronto, Montreal and Austin, Texas.