Just Six Months After Previous Raise, the Extension Brings Series B Total Funding to $49.5 million, Adding New Strategic Investors Following Strong Growth and Momentum
ZayZoon, the leading Earned Wage Access (EWA) provider for small and mid-sized businesses, announced it has raised US $15 million in an extension of its Series B financing. This round extension brings ZayZoon’s total Series B funding round to 49.5 million USD. The round was led by Viola Fintech with participation from Intuit Ventures and existing investors Framework Venture Partners, and Export Development Canada (EDC). This financing will support ZayZoon’s continued growth, innovation, and expansion. This dual backing not only validates ZayZoon’s innovative approach to the improvement of financial health but also opens up unparalleled opportunities for collaboration and growth.
“We have grown by tailoring our products and support to SMBs as a vital backbone of the national and global economy,” said Darcy Tuer, Co-Founder and CEO of ZayZoon. “In Intuit and Viola, we have found partners that share these values, and this new collaboration presents boundless opportunities for growth and innovation towards our goal of saving 10 million people 10 billion dollars.”
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In the last two years alone, ZayZoon has grown its business by almost a factor of 8, providing SMB business leaders with the tools to support employee recruitment, retention, and financial betterment.
“ZayZoon combines a powerful mission with exemplary execution that creates a real impact,” said Noam Inbar, Partner at Viola Fintech. “By empowering individuals to have better control and flexibility, ZayZoon not only alleviates financial stress but also cultivates stronger relationships between employers and employees in the SMB space. We believe that the company will play a pivotal role in shaping the future of financial well-being and we are committed to supporting that journey.”
“At Intuit Ventures, we partner with accomplished startups that share our mission to power prosperity around the world for consumers and small businesses,” said Adam Coccari, Managing Director at Intuit Ventures. “More than 60% of Americans live paycheck to paycheck. By partnering with payroll providers to help small businesses offer their employees early access to their wages, ZayZoon alleviates the financial challenges many Americans face and helps small business owners better hire, retain and motivate their teams. We’re thrilled to welcome ZayZoon to our portfolio and look forward to working together.”
SOURCE: BusinessWire