The Dubai-based startup that gives employers the ability to offer wage advances for their employees, FlexxPay, has recently announced a successful investment from a mixed group of individuals and corporate investors that adds up to seven figures in USD.
Founded in 2018 by Michael Truschler and Charbel Nasr, FlexxPay is a financial wellness platform that partners with employers to offer their employees salary advances for their already earned income. The startup that claims to be first of its kind in the region, acts as an agent between the employers and their employees, allowing employees to access a portion of their already earned but unpaid salary at any time. The payments are made through Abu Dhabi Commercial Bank.
FlexxPay doesn’t charge any interest but has a small transaction fee. Michael Truschler, the Co-Founder and CEO of FlexxPay said that the fee is 10 percent of what the banks normally charge. “We are a pure B2B business, i.e. we are signing with corporate clients. Once signed, their employee can use the platform. Through ADCB, the salary advances get processed on behalf of the employer. For the employer, he will see a rise in productivity and retention rates while saving time and money (from HR). We don’t charge the employer for the platform and don’t need to integrate with any of his systems.”
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