CashD (website) an Australian FinTech, said traditional pay cycles had not gotten things done for many workers, especially those with “on-demand” needs. The company claims that its services also address concerns about inflation, as employees who are paid on their schedules may be a better fit.
Marcus Lasarow, co-founder and CEO of CashD, said, “With inflation on the rise, this kind of financial flexibility is critical. While this is a big step toward modernizing the way we approach salary and payroll, it’s a return to the values of giving employees access to their earned wages and using innovation to make that possible in today’s world.”
The press release noted that the company also recently signed Eitan Neishlos, a FinTech investor and entrepreneur based in the United Arab Emirates (UAE), as its lead investor. Neishlos will leverage his past track record in socially responsible investing by helping with employee access to earned wages and avoiding high-interest payday loans.
“CashD believes that when an employee earns money, they should have real-time access to their money,” the company said in the press release. While there are some existing perceived solutions to this problem, CashD is different from any lender or bank.
“Employees can view their available balance and make an instant withdrawal at any time during the payment cycle, receiving the money directly into their bank account or paying bills directly. It’s not a loan. It’s their money.”
There have been other such developments recently, including Citizens Financial, which offers employees ways to access their paychecks early.
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