Experian Announces Access Group Partnership
Experian announces a new partnership with The Access Group that will, according to the company, allow more U.K. employees to digitally share their payroll information to get better access to financial products and services.
Through Experian’s Work Report, the U.K.’s first digital employment and income verification service, employees who are paid using Access Group’s payroll software will now have the option to consent to share their payroll information with another organization digitally. According to the company, this provides an instant and secure alternative for employment and income verification when applying for a range of financial services, including mortgages.
“Paying people right ‘[the] first time, every time’ is the standard by which payroll teams are now held to, but it is no longer the only benchmark,” said Charles Butterworth, Managing Director at Access People. “People have come to expect a consumer-grade experience from their work tech, including solutions that facilitate pay.”
Visit www.theaccessgroup.com for more information.
Rippling Raises $500 Million in Fresh Funding After SVB Collapse
HR and global payment software startup Rippling announced it has raised $500 million in a new funding round initially intended to help customers make payroll in the immediate aftermath of Silicon Valley Bank’s (SVB) collapse.
The round, led by tech investor Greenoaks Capital, gave Rippling the same valuation of $11.25 billion it had received after its previous raise. According to the company, after learning some of its clients’ payroll funds were stuck at SVB, Rippling Chief Executive Parker Conrad decided to use $130 million from the company’s own balance sheet to make sure payrolls were processed on time.
“We were intending to raise money either later this year or early next year,” said Conrad. “We pulled it forward about a year and it’s going to buy down any risk that we have around what happens with SVB. It’s a small amount of dilution for the company. This capital is going to further insulate us from whatever might happen in macro economy over the next year and allows us to keep investing to keep building great products for our clients.”
Visit www.rippling.com for more information.
XTM Inc. Signs With Payfare to Roll Out EWA Financial Program
XTM Inc., a Miami and Toronto-based fintech creator of payment and staff management solutions for workers in hospitality, personal care, and service space, announced the signing of a deal with Payfare Inc., a fintech powering instant payout and digital banking solutions for the gig workforce. XTM's Today Financial is in use through POS and payroll integrations and directly through web-portals by thousands of businesses and their workers across Canada and the United States.
Through this partnership, XTM will integrate to Payfare’s embedded finance and open API platform for card issuance, digital banking, and instant payments. XTM’s earned wage access (EWA) solution will, according to the company, take advantage of Payfare’s relationships and significant economies of scale to be able to quickly enter and expand its offering across the U.S. market. XTM will migrate its current clients from its previous issuing bank and all future banking will be through Payfare.
“We are confident that the singular advantage we gain through Payfare’s exponential success, and their solid banking and processing relationships is a game changer,” said Marilyn Schaffer, CEO of XTM. “Payfare’s economies of scale will bring our foundational work to its full potential, resulting in accelerating our rollout and quickening our path to profitability.”
Visit www.xtminc.com for more information.