Six months after announcing a previous fundraise, Calgary’s ZayZoon has added $20 million to its coffers as an extension to its Series B round.
ZayZoon’s Series B round now sits at $67 million. The round was led by Viola Fintech with participation from Intuit Ventures and existing investors Framework Venture Partners, and Export Development Canada (EDC).
ZayZoon is an Earned Wage Access (EWA) provider for small and mid-sized businesses. Free for employers and quick to implement, employees can use ZayZoon to get paid whenever, however.
The ZayZoon platform also offers educational resources and tools to help workers break the paycheck-to-paycheck cycle.
RELATED: ZayZoon is hiring on Techtalent.ca
And it works. 89% of employees who use ZayZoon report less financial stress and employers who offer ZayZoon boast a 29% reduction in turnover.
“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.”
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.
This financing will support ZayZoon’s continued growth, innovation, and expansion.
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