The company secured $10 million in funding to do just that: provide APIs for developers to add revenue-generating payroll solutions inside their own software products for an all-in-one platform.
Users aren’t under a legal obligation to repay ZayZoon and ZayZoon won’t take action to collect payments, but nonpaying users will be limited from accessing the service in the future. ZayZoon’s platform allows small- and medium-sized businesses to implement what’s known as an earned wage access (EWA) program.
The Salt Lake City, Utah-based company’s API-delivered product, which focuses on payroll data, powers 70 banks, credit unions and fintech companies such as Coinbase, Dave and Propel. Atomic, a provider of payroll APIs, has raised $40 million in Series B funding just five months after announcing its Series A financing.
Earnipay, a fintech that provides flexible and on-demand salary access to income-earners, has raised $4 million in seed financing led by early-stage venture capital firm Canaan.
With 700 employees in Paris, Berlin, Barcelona and London, PayFit now wants to diversify its product offering, integrate with more third-party products and improve its customer service.