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Payactiv

San Jose, US · Founded 2011 · 4 known investors

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Payactiv provides Earned Wage Access (EWA), letting workers access wages they have already earned before payday to avoid payday loans and overdraft fees. Operating as a Public Benefit Corporation and Certified B-Corp, the company also offers Visa prepaid and payroll cards to help employees manage financial needs.

FintechFuture of WorkHR TechImpact & Social GoodWellness & Fitness

Founders & leadership

Payactiv was founded in 2011 by Shah Safwan and Sohail Aslam.

SSShah Safwan
Shah SafwanFounder and CEOShah Safwan founded Infonox, a financial data aggregation company that was acquired by TSYS and integrated into Global Payments, and later founded Payactiv, which developed earned wage access services. He holds a PhD in Aerospace Engineering from the University of Colorado Boulder and serves on the board of Conscious Capitalism.
SASohail Aslam
Sohail AslamCo-Founder / CTOSohail Aslam held technology and product leadership roles at Microsoft, Philips Healthcare, and TSYS before co-founding Stookle and Payactiv, a financial wellness platform providing earned wage access and payroll-linked benefits.

Board

AM
Ajit MedhekarBoard director
KM
Kabir MisraBoard directorGeneral Partner at RPS Ventures
SO
Scarlett O'SullivanBoard director

Investors · 4

Montague Street Ventureslisted by Montague Street Ventures
Plug and Play Ventureslisted by Plug and Play VenturesSilicon Valley · $50K – $400K

How we know: plugandplaytechcenter.com · Not right? Tell us

RPS Ventureslisted by RPS VenturesLos Altos · $5M – $20M

Reported raises · per SEC filings

Form D private placements

$4.3M disclosed across 1 of 2 rounds · 2014–2020

▶$4.3MraisedJun 2014 · 6 investors · Other Technology
Rule 506(b)
Officers, directors & promoters on the filing
  • Shah SafwanExecutive Officer, Director
  • Ajit MedhekarDirector
  • Kabir MisraDirector
  • Scarlett O'SullivanDirector
Offering amount
$5.2M
Amount sold
$4.3M
First sale
Jun 2014
Incorporated
Corporation, Delaware, 2011
Federal exemptions
06b
Full filing on SEC EDGAR ↗

Source: SEC EDGAR Form D. Amounts as filed; amended filings shown once at their latest values.

Founder mafia

3 people who came through Payactiv went on to found or lead other companies.

Darcy NauntonDirector (Australia)Founded YBF VenturesJeffrey BriceDirector of Product ManagementFounded TrustEggSnigdha KumarProduct Management InternFounded Brico

In the news

Payactiv Raises $100M for Employer Financial Wellness - Payactivpayactiv.com · Aug 2020

Frequently asked questions

What does Payactiv do?
Payactiv provides Earned Wage Access (EWA), letting workers access wages they have already earned before payday to avoid payday loans and overdraft fees. Operating as a Public Benefit Corporation and Certified B-Corp, the company also offers Visa prepaid and payroll cards to help employees manage financial needs.
Who founded Payactiv?
Payactiv was founded by Shah Safwan, Sohail Aslam in 2011.
Who are Payactiv's investors?
Payactiv's investors include Acorn Pacific Ventures, Montague Street Ventures, Plug and Play Ventures, RPS Ventures.
How much funding has Payactiv raised?
Payactiv has disclosed $4.3M raised across 1 of its 2 known rounds.
Where is Payactiv headquartered?
Payactiv is headquartered in San Jose, US.