Israeli fintech startup Tapcheck has secured $225 million in equity and debt financing to enhance its on-demand pay platform. The funding includes a $25 million Series A extension from PeakSpan Capital and a $200 million credit facility from Victory Park Capital. Tapcheck's platform allows employees to access earned wages before payday, improving financial flexibility and reducing stress.
Tel Aviv [Israel], April 15 (ANI/ TPS): Tapcheck, an Israeli fintech startup that offers an on-demand pay platform, announced on Monday that it has raised USD 225 million in combined equity and debt financing. This latest funding includes a USD 25 million Series A extension round led by existing investor, PeakSpan Capital, and a USD 200 million credit facility provided by Victory Park Capital.
Founded in 2019 by entrepreneurial husband-and-wife team Ron and Kayling Gaver, Tapcheck emerged from the duo's vision to address the financial difficulties caused by traditional pay cycles. The company enables workers to access their earned wages seamlessly before payday, easing the paycheck-to-paycheck strain and in turn, improving employee morale, retention, and productivity.
Tapcheck's on-demand pay platform integrates with nearly 300 payroll and timekeeping systems, offering a smooth and precise experience for employers and employees alike. Provided at no cost to employers, Tapcheck allows employees to "safely and responsibly" access their earned wages, helping them avoid hidden fees and have greater financial flexibility.
Employers using Tapcheck report over 50 per cent improvement in employee retention, with 70 per cent of employees noting that it reduces their financial stress, says the company.
In the past five years, Tapcheck has facilitated over USD 1 billion in early wage funding and served 12,000 employer locations. (ANI/ TPS)