Thursday, February 18, 2016

PayActiv Picks Up $9.2M For Payroll Lending

San Jose-based PayActiv, a financial startup offering up alternative payroll services to companies, particularly for workers who might typically need payroll advances or loans, said on Wednesday that it has raised $9.2M in a funding round. The funding came from an early stage fund affiliated with SoftBank Capital. PayActiv provides small loans to individuals, facilitated through a cloud-based product it offers to employers. The company claims its service help eliminate predatory loans to employees, especially those without a bank account, and desperate to make it from paycheck to paycheck.