Podcast 214: Safwan Shah of PayActiv. Our guest that is next on Lend Academy Podcast is Safwan Shah, CEO and Founder of PayActiv.
The CEO and Founder of PayActiv covers attained wage access and exactly why it may be therefore great for those individuals paycheck that is living paycheck
Roughly half the US population lives paycheck to paycheck and through the entire 12 months they frequently come to an end of cash between these paychecks. So, they turn to payday advances or overdrafts and sometimes spend late fees as well. This costs this population hundreds and sometimes even 1000s of dollars each year. There clearly was a far better solution that is beginning to gain traction, it really is called acquired wage access.
He could be on an objective to assist this population obtain access to the cash these have attained.
In this podcast you shall discover:
- The check my site theory that resulted in the founding of PayActiv.
- Simply how much it costs employees perhaps perhaps maybe not having the ability to access their wages.
- Why attained wage access has garnered more attention recently.
- Just just exactly How PayActiv has exploded as time passes.
- Just just How their wage that is earned access works.
- The guardrails they set up to make certain their item is employed responsibly.
- Attributes of this user that is typical of.
- The pushback they most get from employers often.
- Exactly Exactly How PayActiv makes cash.
- Information on the bill, SB-472, that PayActiv has sponsored in Ca.
- Why they chose to be a B-Corporation then a Public pros Corporation.
- The quantity of improvements they’ll try this 12 months.
- Why Safwan made a decision to compose guide and work out a video clip documentary.
- What exactly is coming down the track for PayActiv.
This bout of the Lend Academy Podcast is sponsored by LendIt Fintech United States Of America 2020, the world’s biggest fintech event specialized in financing and banking that is digital.
Click to learn Podcast Transcription (Comprehensive Text Version) Below
PODCAST TRANSCRIPTION SESSION NO. 214 – SAFWAN SHAH
Welcome to the Lend Academy Podcast, Episode No. 214, this is certainly your host, Peter Renton, Founder of Lend Academy and Co-Founder for the LendIt Fintech Conference.
Today’s episode is sponsored by LendIt Fintech USA, the world’s biggest fintech event specialized in financing and banking that is digital. It is occurring on May 13th and 14th, 2020, at the Javits Center in ny. Lending and banking are converging and LendIt Fintech immerses you within the most significant styles associated with day. Meet with the individuals who matter, study from professionals to get company done. LendIt Fintech, financing and banking linked. Head to lendit.com/usa to register.
Peter Renton: on the show, I’m delighted to welcome Safwan Shah, he is the CEO and founder of PayActiv today. Now PayActiv, i believe, are a tremendously company that is interesting they truly are a mission-driven business so we enter into their objective in certain level within the show, but fundamentally exactly exactly what it’s exactly about is received wage access. This is how employees could possibly get use of the income, the earnings they have made.
PayActiv features system, it works with companies make it possible for that, in order to make that take place.
Safwan speaks in regards to the very very early times of the business, exactly exactly how hard it absolutely was to types of get traction and just why it is suddenly learning to be a hot subject. We additionally speak about the regulatory initiatives they have taken and exactly how the regulators feel about that so we additionally glance at the a number of other services they’re providing to actually providing a complete suite of items to encourage economic health. It absolutely was a fascinating meeting, I hope you love the show,
Welcome to the podcast, Safwan!
Safwan Shah: many thanks, many thanks, Peter, for welcoming me personally.
Peter: My pleasure. Therefore, i enjoy get these things began by starting on history and kind of speaking a bit about|bit that is little everything you’ve carried out in your job up to now before you began PayActiv.
Safwan: like the majority of professions that than two decades long, you will find a lot of things you’ve got done, but i shall specify/highlight two things. Prior to PayActiv, we wasn’t doing anything, I’d taken some time down following the purchase of my past payments and fintech business called Infonox.