Funding | Sep 29, 2023

Image: Unsplash/Fabian Blank

ZayZoon, a prominent Earned Wage Access scale-up for small and mid-sized businesses, and founded in Calgary, recently announced that they raised $34.5 million in debt and equity during its Series B financing round.

• Investors include Framework Venture Partners who led this round, with notable co-investment from Export Development Canada (EDC) and participation from ATB Financial and existing shareholders.
• ZayZoon is a financial empowerment platform specifically designed for small and mid-sized businesses. The company’s primary mission is to provide employees with the ability to access their earned wages before the traditional payday, a service known as Earned Wage Access (EWA). This innovative approach aims to alleviate financial stress and break the paycheck-to-paycheck cycle that many individuals face.
• Catering to the varied needs of its users, ZayZoon offers multiple payout options, including bank deposits, debit cards, and fee-free alternatives like Instant Gift Cards and Gas Cards

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• ZayZoon emphasizes seamless integration with existing payroll and HR infrastructures. In 2023, the company was notably recognized as an ADP and PrismHR Marketplace Partner of the Year.
• Their trajectory is nothing short of remarkable, boasting a 400% increase in payouts year-over-year. Their expanding clientele includes household names such as Dunkin’, McDonald’s, and Amazon Warehouses. This growth underscores the rising demand for EWA and employee engagement platforms, particularly among the SMB sector.

Darcy Tuer, Co-Founder and CEO of ZayZoon

This financing will fuel our mission in being a true partner in financial health and workplace engagement to small and midsize businesses. 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.

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