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Earnipay, a financial technology solution that provides flexible and on-demand salary access to income-earners, has closed a seed round of USD 4 M to provide scalable solutions for employees to access their salaries. The round was led by Canaan, with participation from XYZ Ventures, Village Global, Musha Ventures, Ventures Platform, Voltron Capital and Paystack CEO Shola Akinlade.
The platform integrates with companies’ existing payroll or HRM systems to offer its services to employees, who can then track and withdraw their accrued salaries via the app. Employees’ salaries are prorated daily and companies can set limits for the percentage of salaries employees can withdraw each month. Earnipay charges employees a small processing fee of NGN250 or NGN500 for this access. There is no payback and no interest charge because employees are accessing what they have earned.