Employee financial wellness and earned wage access platform at tap
check, raising 20 million in a series a round
led by peak span capital, a big name.
Companies like McDonald's Duncan and planet fitness do offer tap
check to their hourly employees to give them access to
their earnings before payday. Startup says its service aims
to improve the financial wellness of workers while boosting productivity
for the businesses that they work for. So joining
me now is Kailyn gave er as C. 00
. And co founder of tap check, Kaylene,
thanks so much for coming on the show, explain
to me how this works. Yeah, thank you
so much for Kirsten for having me on today topic
is an employee financial wellness platform and we partner with
businesses to be able to offer their employees ability to
get paid on demand when you think about it,
you can just about get anything on demand, You
can get your groceries on demand and get your dinner
to your door on demand. Here a tap check
we felt, why shouldn't you be able to get
your earned wages on demand? So we actually connect
with the company's existing peril and time clock system.
So shortly after an employee clocks out for their shift
, they can actually download the tap check app,
connect their bank account and be able to transfer funds
into their accounts within a few seconds to be able
to pay for any of those expenses that might come
across before payday Killeen, Do you find that companies
you work with some big ones on this service are
accepting of this or are there some challenges as to
paying employees on a more regular basis? A daily
basis? In some cases versus on a bi weekly
basis. Yeah. When you think about the two
week pay cycle, I mean that's quite difficult,
especially for the millions of americans that work paycheck to
paycheck. And so when companies are really looking out
there for innovative ways to support their employees, especially
in these times, um it's really on demand.
Pay has been one of those that could help fill
those gaps without causing a lot of stress and effort
On the employer side. Um topic does fund those
advances for employees. So there's no changes to a
company's cash flow. And because we actually integrate into
their existing business systems, there's very little effort that
employers have to do in order to support this program
for their employees. What's the business model? How
do you make money on this? Yeah. So
it's very much like a A. T. M
. Fee out of network a tm fee for employees
. So there's no monthly fees or any kind of
subscription fees for those employees, they really just pay
for the access a couple of dollars just like you
would an out of network A. T. M
. Fi. Um And they only use that when
when they need that. Are you finding Kalin that
companies are doing this, they're willing to pay the
extra fees just simply to retain talent in a super
tight labor market. Yeah, you kind of hit
the nail on the head right there. I mean
when you think about this whole great resignation of employees
tactic has in you know, on demand pay has
been an excellent way to recruit quicker and retain longer
um employees when you think about it and having a
job ad where you can say come work today,
get paid today. Um That's pretty critical in being
able to uh b and stand out in your job
ads in this kind of market. Um So definitely
employers are looking for those ways in any ways they
can do to support their employees. All right,
Colleen gave her C. 00. And co founder
of Tap Check, Kaylene. Thanks so much.