Podcast 214: Safwan Shah of PayActiv. Our next visitor in the 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

Approximately half the US population lives paycheck to paycheck and through the entire 12 months they often times go out of cash between these paychecks. Therefore, they resort to pay day loans or overdrafts and frequently spend late fees as well. This costs this population hundreds as well as 1000s of dollars each year. There was an improved solution this is certainly beginning to gain traction, it’s called attained wage access.

He could be for a objective to assist this populace obtain access to the funds these have attained.

In this podcast you shall discover:

  • The concept that resulted in the founding of PayActiv.
  • Exactly how much it costs employees maybe maybe not to be able to access their wages.
  • Why attained wage access has garnered more attention recently.
  • Just exactly How PayActiv is continuing to grow with time.
  • Exactly exactly How their wage that is earned access works.
  • The guardrails they set up to make sure their product is employed responsibly.
  • Characteristics of this typical individual of PayActiv.
  • The pushback they many often get from companies.
  • Exactly Exactly How PayActiv makes money.
  • Information on the bill, SB-472, that PayActiv has sponsored in Ca.
  • Why they chose to be a B-Corporation after which a Public pros Corporation.
  • The amount of improvements they are going to do that 12 months.
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  • Why Safwan made a decision to compose a written guide and then make 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 largest fintech event focused on financing and banking that is digital.

Click to learn Podcast Transcription (Comprehensive Text Version) Below

PODCAST TRANSCRIPTION SESSION NO. 214 – SAFWAN SHAH

Thank you for visiting the Lend Academy Podcast, Episode No. 214, this really is your host, Peter Renton, Founder of Lend Academy and Co-Founder associated with LendIt Fintech Conference.

Today’s episode is sponsored by LendIt Fintech United States Of America, the world’s biggest fintech event focused on financing and electronic banking. It is occurring on May 13th and 14th, 2020, at the Javits Center in nyc. Lending and banking are converging and LendIt Fintech immerses you into the vital styles of this time. Meet with the those who matter, study on professionals and obtain company done. LendIt Fintech, financing and banking linked. Head to lendit.com/usa to register.

Peter Renton: Today regarding the show, I’m delighted to welcome Safwan Shah, he could be the CEO and creator of PayActiv. Now PayActiv, i do believe, are a rather company that is interesting they’ve been a mission-driven business therefore we go into their mission in certain level into the show, but fundamentally just exactly what it is exactly about is attained wage access. This is when workers could possibly get usage of the cash, the earnings these have made.

PayActiv has an operational system, it works with companies make it possible for that, to make that take place.

Safwan speaks in regards to the very very early times of the organization, exactly just how hard it absolutely was to variety of get traction and just why it is instantly being a hot subject. We additionally explore the regulatory initiatives we also look at the many other services they’re offering to really providing a full suite of products to encourage financial wellness that they have taken and how the regulators feel about this and. It had been a fascinating meeting, i really hope you love the show,

Thank you for visiting the podcast, Safwan!

Safwan Shah: many thanks, many thanks, Peter, for inviting me personally.

Peter: My pleasure. Therefore, i enjoy get these things started by beginning on history and kind of chatting a bit about|bit that is little that which you’ve done in your job up to now before you began PayActiv.

Safwan: like the majority of professions that are far more than two decades long, you will find a complete lot of things you’ve got done, but i shall specify/highlight a few things. Prior to PayActiv, we wasn’t doing anything, I’d taken some time off following the purchase of my past payments and fintech business called Infonox.

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