Earned Wage Access Providers in Australia Rakesh Kumar, May 7, 2024 Earned Wage Access Providers in Australia 1. thirdroc.ai(ThirdRoc) • Earned wage access is a financial benefit that allows employees to access a portion of their earned wages before payday. It can help employees avoid high-interest loans and overdraft fees, and improve their financial stability. Flexible wages empower employees and increase their loyalty to employers. Early access to earned pay boosts financial control and retention. Founder : Shivnil Maharaj HQ : Melbourne, Australia Emp. Size : 2-10 Contact : support@thirdroc.com 2. foundu.com.au(foundU) • foundU is an all-in-one, cloud-based workforce management platform. Built and supported in Australia, it gives managers of complex workforces a single system to onboard, schedule and pay with accuracy, efficiency, and confidence. CEO : Marcus Raward HQ : QLD, Australia Emp. Size : 51-200 Contact : info@foundu.com.au 3. paytime.com.au(Paytime) • Forget payday, it’s Paytime everyday! With Paytime, you can access your earned pay at the end of your shift or at the end of each day if you are a full time employee, and have it instantly transferred to your bank account. Paytime is not a loan, there is no interest, minimum usage/fees, late fees, or credit checks. We are simply providing you access to your own money that you have already worked for, at less than the cost of a cup of coffee! Be in control of your own finances with Paytime. Work today paid today! CEO : Steven Furman HQ : Sydney, Australia Emp. Size : 11-50 Contact : info@paytime.com.au 4. employmenthero.com(Employment Hero) • Employment Hero offers an Earned Wage Access product called InstaPay. This service allows employees of organizations using Employment Hero HR and connected Payroll to access their earned wages on-demand before payday. For a fixed fee, employees can request up to 50% of their earned wages, with a cap of $250 per week. InstaPay aims to promote financial wellbeing by providing an alternative to traditional pay cycles and high-interest credit options. It’s designed to help employees manage their finances better by accessing the money they’ve already earned when they need it. CEO : Ben Thompson HQ : Sydney, Australia Emp. Size : 501-1000 Contact : support@employmenthero.com 5. cashd.com.au(CashD) • CashD is a FinTech business established in Australia to offer a leading software service that supports full-time, part-time, flexible workers, casuals and contractors in accessing their earned money in real-time, in advance of their regular pay cycle. The CashD teams’ mission is to revolutionize the way people get paid. CashD integrates with your operational systems and validates completed work in real time. The CashD wallet balance increases as employees complete work. An employee views their available balance and can withdraw at any time during the pay cycle. The amount withdrawn is automatically deducted when payroll is run. As the CashD solution supports all employment engagements – full time, part time, flexible workers, casuals and contractors to access their earned pay in real time. Employees can better align their income and expenses by accessing a portion of their accrued pay, in advance of pay day. CEO : Marcus Lasarow HQ : Sydney, Australia Emp. Size : 11-50 Contact : info@cashd.com.au 6. onesto.co(Onesto) • Onesto helps employees save, stretch their income further, bring flexibility to their wages, and build financial confidence. This reduces their stress, increases their productivity, and makes them more committed to work. Ultimately, it helps organisations towards their goals! CEO : Benjamin Silluzio HQ : Melbourne, Australia Emp. Size : 11-50 Contact : info@onesto.co 7. elevatemoney.com.au(Elevate Money) • Elevate Money offers a feature for Earned Wage Access as part of their financial solutions. This service allows employees to access a portion of their earned wages before the regular payday. It’s designed to provide financial flexibility and help employees manage unexpected expenses without having to wait for their next paycheck. Elevate Money’s APIs are highly flexible and come with built-in compliance, making it easier for businesses to integrate this feature into their platforms. CEO : Kent Kwan HQ : Australia Emp. Size : 2-10 Contact : info@elevatemoney.com.au 8. mumba.cloud(Mumba) • Mumba Cloud provides an Earned Wage Access service as part of their offerings. This service, known as Mumba Pay, allows employees to access a portion of their earned wages before their scheduled payday. The process is transparent, with all withdrawals and fees reflected in the app and payslip, and it operates without credit, offering a non-loan way to access earned wages. CEO : Anthony Zets HQ : Sydney, Australia Emp. Size : 11-50 Contact : hello@mumba.cloud 9. smartwage.com.au(SmartWage) • SmartWage is a brand new, unique solution that increases value for Employers and Employees. Employees using our solution can cash out their annual leave instantly, and spend it via a SmartWage MasterCard. EMPLOYEES – never pay any fees or interest as they access money already owing to them – can chose how they use their money – access leave to fund life’s big moments and make memories – reduce bill stress by using some annual leave to pay unexpected bills – use SmartWage to improve physical and financial health! CEO : Chris Hitch HQ : Melbourne, Australia Emp. Size : 2-10 Contact : concierge@smartwage.com.au 10. myplaydough.com.au(My Play Dough) • At My Play Dough, we understand the challenges faced by ECEC employees, and that’s why we introduced Flexible Wage Access—a game-changing benefit that is revolutionising the sector. By providing educators (and other staff) with the power to access their earned wages when needed, we are creating a financial safety net that not only reduces stress but also plays a significant role in reducing turnover and increasing employee satisfaction. President : Sharon Woodbury HQ : Australia Emp. Size : 2-10 Contact : hello@myplaydough.com.au Earned Wage Access