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A new wage app designed to serve modern workforces has launched following high-profile investment in its first round of fundraising.
Backed by investors including Sir Terrance Leahy and William Currie, fastP.A.Y.E offers businesses a service where they can pay staff part of their already earned salary in advance of payday.
With the ‘wage-on-demand’ marketplace growing at pace and current wage payment structures unreflective of modern life, fastP.A.Y.E is speeding-up access to earned money through its flexible wage app.
Having secured investment, and working with Starling Bank as its payment partner, the business is looking for growth in Hospitality, Leisure, Retail and Service sectors.
Via its sister company ShopWorks, a workforce management business with more than 150,000 users, the fastP.A.Y.E team has heritage and proven expertise in creating technologies for employers and employees.
Lee Bowden, Chief Commercial Officer at fastP.A.Y.E, said:
“Via our fastP.A.Y.E app we are allowing employers to give employees access to their money when they need it in a way that is controlled and transparent.
“Through our sister business ShopWorks, we know the pressures facing employers and employees alike. fastP.A.Y.E has been designed to address the vast numbers of workers who live payday-to-payday, as well as their employers who battle employee retention and expectation on a daily basis.
“With a strong and growing core business, we are delighted that Sir Terrance Leahy and William Currie have recognised the impact this technology can have for both employers and employees.
“This funding will be enough to make a major impact in the growing wage on demand marketplace, as well as increasing product development for our existing workforce management business.”
The company has not disclosed the size of the fundraising.
