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Podcast 214: Safwan Shah of PayActiv. Our next visitor regarding the Lend Academy Podcast is Safwan Shah, CEO and Founder of PayActiv.

Podcast 214: Safwan Shah of PayActiv. Our next visitor regarding the Lend Academy Podcast is Safwan Shah, CEO and Founder of PayActiv.

The CEO and Founder of PayActiv analyzes received wage access and exactly why it may be therefore great for those individuals residing paycheck to paycheck

Roughly half the US population lives paycheck to paycheck and through the entire they often run out of money between these paychecks year. Therefore, they turn to payday advances or overdrafts and sometimes spend late fees as well. This costs this population hundreds if not thousands each year. There is certainly a significantly better solution this is certainly just starting to gain traction, it really is called gained wage access.

He could be for a objective to aid this populace obtain access to the amount of money they have earned.

In this podcast you will discover:

  • The theory that resulted in the founding of PayActiv.
  • Simply how much it costs employees perhaps not having the ability to access their wages.
  • Why received wage access has garnered more attention recently.
  • Exactly just How PayActiv has grown in the long run.
  • Just just just How their earned wage access system works.
  • The guardrails they applied to make sure their item is employed responsibly.
  • Characteristics of this user that is typical of.
  • The pushback they most often get from companies.
  • Just Just How PayActiv makes cash.
  • Information on the bill, SB-472, that PayActiv has sponsored in California.
  • Why they made a decision to develop into a B-Corporation then a Public pros Corporation.
  • The amount of improvements they’ll do that 12 months.
  • 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 biggest fintech event specialized in lending and banking that is digital.

Click to learn Podcast Transcription (Comprehensive Text Variation) Below

PODCAST TRANSCRIPTION SESSION NO. 214 – SAFWAN SHAH

Welcome to the Lend Academy Podcast, Episode No. 214, it’s your host, Peter Renton, Founder of Lend Academy and Co-Founder for the 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 New York. Lending and banking are converging and LendIt Fintech immerses you into the most significant styles associated with time. Meet with the those who matter, study from professionals and acquire company done. LendIt Fintech, banking and lending 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 interesting business, they truly are a mission-driven business and now we enter into their objective in a few level into the show, but fundamentally exactly just just what it is about is received wage access. That’s where employees will get use of the funds, the earnings they have attained.

PayActiv has system, it works with employers make it possible for that, which will make that take place.

Safwan speaks in regards to the very very early times of the organization, just exactly how hard it absolutely was to types of get traction and just why it is instantly learning to be a hot subject. We additionally discuss 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 an interview that is fascinating i really hope you prefer the show,

Welcome to the podcast, Safwan!

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

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

Safwan: similar to professions that are far more than two decades long, you can find a large amount of things you’ve got done, but i shall specify/highlight two things. Right before PayActiv, we wasn’t doing anything, I’d taken some time down following the purchase of my past payments and fintech company called Infonox.

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