Cadence, a leader in the digital securitization of alternative investments, is partnering with ZayZoon to expand its offering of investment products.
Cadence is pleased to announce a strategic partnership with ZayZoon, its first with an Earned Wage Access firm.
Founded in 2014, ZayZoon, a HR Technology company and pioneer of Earned Wage Access, offers workers early access to their earned wages. Through 65 strategic partnerships and numerous employer sponsorships, ZayZoon’s flexible, convenient, and secure services are available to more than 3 million employees.
ZayZoon’s low cost, transparent structure avoids the usurious interest rates and financially burdensome debt associated with predatory services, instead generating revenue through a fixed fee-for-service model. Employees sign-up by using key information provided to them by their employer. Once an account is verified, customers are able to withdraw a portion of their earned wages and have funds deposited to their preferred account in real-time.
This new partnership continues to illustrate Cadence’s commitment to support tech-enabled firms seeking to disrupt established industries while better serving customers. “This partnership further expands Cadence’s industry scope, offering the opportunity to gain exposure to the multi-billion dollar on-demand wages industry through the Cadence platform. Additionally, ZayZoon’s streamlined on-boarding process and commitment to improve the financial literacy of its customers continues to differentiate itself from its industry peers,” said Alex Pirro, VP of Capital Markets at Cadence.
Jamie Ha, CFO at ZayZoon, added, “ZayZoon is extremely excited to partner with Cadence, which will allow ZayZoon to continue to provide a necessary and novel solution to the financial difficulties that millions of hard working people are faced with each day, especially in light of the uncertain times we are facing across the world.”
A recent ZayZoon customer survey from March found that 80% of customers stated they leveraged ZayZoon payouts for necessities like groceries and emergency expenses. Less than 3% of the 10,000 respondents indicated using the service for discretionary purposes.
As an alternative investment platform, Cadence continues to offer accredited investors largely uncorrelated, high-yield investment products while providing non-dilutive growth capital to its origination partners. Cadence is excited to partner with ZayZoon to continue building an extensive network of best-in-class partners.
ZayZoon is on a mission to improve employee health through the use of responsible financial products. ZayZoon partners and integrates with companies in the US, Canada and Australia to provide employees access to their wages on-demand, financial education and personal finance tools. This is important because workers around the world rely on predatory products such as payday loans and overdraft fees to bridge the paycheck-to-paycheck gap created by pre-determined payroll cycles. ZayZoon’s on-demand access to wages gives employees control over their paycheck, reduces financial stress and prevents the debt spiral caused by predatory products. Workplace financial wellness helps with recruitment, employee retention and productivity.
[This archived post was released at a time when Percent was formerly known as Cadence.]