ZayZoon, a Calgary, Canada-based Earned Wage Access (EWA) provider for small and mid-sized businesses, raised $34.5 million in debt and equity for its Series B financing.
SaaS Investors
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.
Established in 2018, Framework Venture Partners is a venture capital firm based in Toronto, Canada with a presence in Montreal, QC, and Austin, Texas. The firm seeks to invest in software, financial services, fintech, and artificial intelligence sectors.
Zayzoon Use of Funds
The company will use the funding to support recruiting efforts and continued growth and innovation for the company.
About Zayzoon
ZayZoon is a financial empowerment platform for small and mid-sized businesses. It has invested in expanding payout options to provide more flexibility to customers in accessing their wages. Payout options now include bank deposits, debit cards, and fee-free options like Instant Gift Cards and Gas Cards. ZayZoon has forged partnerships with various corporate partners, with a focus on seamless integrations into existing payroll and HR infrastructure. The platform also offers educational resources and tools to help workers break the paycheck-to-paycheck cycle.
Its mission is to be a partner in financial health and workplace engagement for small and midsize businesses. In 2023, ZayZoon was notably named an ADP and PrismHR Marketplace Partner of the Year.
Funding Details
Company: ZayZoon US Inc.
Raised: $34.5M
Round: Series B
Funding Month: September 2023
Lead Investors: Framework Venture Partners
Additional Investors: Export Development Canada (EDC) and ATB Financial
Company Website: https://www.zayzoon.com/
Software Category: Financial Empowerment Platform
Source: https://www.businesswire.com/news/home/20230919924185/en/