Calgary’s ZayZoon has announced a strategic partnership with Scotiabank to expand Earned Wage Access (EWA) in the Canadian market.
EWA allows employees to access their earned wages before payday with an innovative solution that easily integrates into employers’ payroll systems. This new collaboration will bring EWA to the forefront of employee benefits, offering greater financial flexibility and control for workers across Canada.
Through this partnership, Scotiabank business clients can now add EWA to their employee benefits package, supporting employee financial stability, improving job satisfaction, and reducing turnover, all aimed at boosting overall business performance.
“We are thrilled to be the only bank in the country to partner with this Canadian fintech to extend EWA across Canada,” said Matthew Parker-Jones, SVP of Global Transaction Banking.
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“This initiative aligns with Scotiabank’s commitment to delivering solutions tailored to our clients’ evolving needs and promoting financial wellness and innovation for Canadian employers and employees.”
The partnership allows Scotiabank’s corporate and commercial clients to offer EWA without the costs and complexities of an internal wage advance program. ZayZoon’s technology integrates seamlessly into existing employers’ payroll systems.
Employees can deposit funds directly to their bank accounts through desktop and mobile devices, requiring no financial advance from employers.
“As the financial landscape evolves, so must the benefits we provide. The Scotiabank and ZayZoon partnership marks a pivotal moment in advancing financial wellness and represents a significant step forward in our mission to save 1 million working Canadians 1 billion dollars,” said Darcy Tuer, Co-Founder and CEO of ZayZoon.
“Our recent pulse survey revealed that 42% of Canadian workers experience significant financial stress multiple times a day or daily, and 66% say this stress impacts their work performance. This partnership addresses the urgent need for solutions like EWA. We’re excited to work with Scotiabank to bring this innovative solution to Canadian businesses and their employees, giving them greater control and flexibility over their financial lives.”
ZayZoon was founded in 2014 by Jamie Ha,Tate Hackert, and Tuer.
Earlier this year ZayZoon announced a $67 million Series B round led by Viola Fintech with participation from Intuit Ventures and existing investors Framework Venture Partners, and Export Development Canada (EDC).