The CEO and Founder of PayActiv covers obtained wage access and exactly why it could be therefore ideal for the individuals paycheck that is living paycheck
Approximately half the US population lives paycheck to paycheck and for the 12 months they frequently come to an end of cash between these paychecks. So, they turn to pay day loans or overdrafts and sometimes pay late fees as well. This costs this population hundreds and sometimes even 1000s of dollars each year. There is certainly a much better solution that is needs to gain traction, its called received wage access.
Our guest that is next on Lend Academy Podcast is Safwan Shah, CEO and Founder of PayActiv. He could be for an objective to simply help this populace obtain access to the amount of money they have acquired. How PayActiv is continuing to grow with time. How their wage that is earned access works. The guardrails they set up to make certain their item is employed responsibly. Characteristics for the user that is typical of. The pushback they many often get from companies.
This bout of the Lend Academy Podcast is sponsored by LendIt Fintech United States Of America 2020, the worldвЂ™s largest fintech event focused on lending and banking that is digital. Thank you for visiting the Lend Academy Podcast, Episode No. 214, it’s your host, Peter Renton, Founder of Lend Academy and Co-Founder associated with LendIt Fintech Conference.
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Peter Renton: on the show, IвЂ™m delighted to welcome Safwan Shah, he is the CEO and founder of PayActiv today. Now PayActiv, i do believe, are an extremely company that is interesting they have been a mission-driven business and we also enter their objective in a few level when you look at the show, but essentially exactly exactly exactly what it is about is received wage access. That’s where employees will get usage of the cash, the earnings they have gained.
PayActiv has system, they work with companies make it possible for that, to create that happen. Safwan speaks concerning the very early times of the organization, just exactly how hard it had been to type of get traction and just why it is suddenly becoming a hot subject. We additionally speak about the regulatory initiatives they’ve taken and exactly how the regulators feel about that therefore we additionally go through the a great many other services theyвЂ™re providing to actually providing a complete suite of items to encourage economic health. It had been an interview that is fascinating i really hope you like the show,
Thank you for visiting the podcast, Safwan! Safwan Shah: many thanks, many thanks, Peter, for welcoming me personally.
Peter: My pleasure. Therefore, i love to get these things began by beginning on history and type of speaking a bit about|bit that is little} everything youвЂ™ve carried out in up to now before you began PayActiv. Safwan: like the majority of professions that are far more than two decades very long, there are a lot of things you have done, but we’ll specify/highlight a few things. Prior to PayActiv, I wasnвЂ™t doing anything, IвЂ™d taken some time down after the purchase of my past payments and fintech business called Infonox.
By training, IвЂ™m an engineer, re re payments specialist by experience, held it’s place in fintech since 1999/2000, very nearly twenty years. A reflection of the confusion at that stage of my life by education, my Ph.D. was in aerospace engineering and I shouldnвЂ™t be judged on that (Peter laughs), my masters was in computer engineering and my undergrad was in electrical engineering. ThatвЂ™s a summary of my background, IвЂ™m an engineer by training, essentially.