Timeline
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2012

An Innovative Solution to an Entrenched Problem

We set out to create a new way of approaching payroll that puts the employee first. Our answer? Earned Wage Access. Our founders set out to help hourly workers by helping them access money they had already earned ahead of the traditional payroll schedule – so they could pay bills on time, avoid late fees, and say goodbye to predatory payday loans.

2013

The First Implementation Step

Jersey Precast Construction becomes the first company in the world to offer Earned Wage Access to its employees through Payactiv’s mobile app.

“The employees did their part, they had done the work. We felt wherever possible, we should do our part by moving up their payday for part of their salary to cover an unexpected bill. Since this is a benefit that our people like, and that very few of our competitors offer, our people are less likely to look for another job.” – Amir Ulislam, CEO, Jersey Precast

2014

Investors Validate Promise of EWA

Investors are interested in the promise of Payactiv’s EWA payroll innovation, and Payactiv receives its first round of funding from Softbank.

2015

Putting the Mission First

Payactiv registers as a Certified B Corporation, showcasing our commitment to maintaining socially sustainable and responsible practices, as well as transparency and accountability in our business offerings and structure.

2016

Accelerated Growth

To enable continued growth and impact, Payactiv secures an additional $9.2 million in funding from SoftBank Capital. 

2017

Walmart: A Watershed Moment

World’s largest company at the time, Walmart, partners with Payactiv to offer Earned Wage Access to over 1.4 million of their associates.

2018

$1Billion in Earned Wages Facilitated

  • Payactiv officially reaches $1 billion processed in EWA Funds and $120 million saved in fees, overdrafts, and interest for over 650,000 users across the United States.
  • Payactiv becomes the first EWA company to launch a Proprietary Card to increase wage accessibility for its users.
  • The Harvard Kennedy Center, led by Professor Todd Baker, publishes a groundbreaking study on the positive benefits of addressing “the payroll latency period” and providing early access to earned funds for increased financial health. 

2019

It’s About Time

Payactiv releases an innovative documentary, It’s About Time, to highlight how the timing of pay impacts the financial stress epidemic.

  • Payactiv officially becomes a Public Benefit Corporation by making a commitment to produce a public benefit and operate in a responsible and sustainable manner.
  • Payactiv launches the Payactiv Visa® Card so employers can pay their employees instantly.
  • Payactiv officially becomes a Public Benefit Corporation by making a commitment to produce a public benefit and operate in a responsible and sustainable manner.
  • Payactiv launches the Payactiv Visa® Card so employers can pay their employees instantly.

2020

Workers in Need Through the Pandemic

  • Payactiv launches it’s next-generation lively financial wellness platform to offer more financial wellness benefits including EWA, savings, budgeting, and the Payactiv Visa® Prepaid Debit Card.
  • Payactiv continues to provide unwavering support to its users by waiving all fees for 75 days in light of the pandemic.
  • In August, Payactiv launches a video, We Heard You, as a tribute to the humanity of workers.
  • Payactiv secures $100 million in Series C Funding, led by Eldridge Industries, bringing the total funding to $133.7 million.

2021

Launch of the Digital Wallet

Payactiv officially launches the updated Payactiv app as a digital wallet to offer additional features and services for users to manage and save their money. These include Payactiv Connect, SmartSave, SmartSpend, and more.

2022

Elimination of EWA Access Fees

Payactiv takes the next step in creating more accessible and financial wellness-based initiatives by removing any EWA fees from their services, and only charges for expedited delivery.

Explore other sections

Chapter 7: INSIGHT

Earned Wage Access is about creating a new standard for financial wellness where employees are not only fairly compensated for their work, but given access to that compensation in a way that supports them. It’s akin to a pay raise.

Read "Insight"

Resources: GLOSSARY

Earned Wage Access has started a new and much-needed conversation on the importance of supporting employees through on-demand pay. It has also created a new lexicon for discussing employee dignity and financial wellness. We’ve created an easy-to-follow Glossary to outline these terms in the following section.

View Glossary
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