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Payactiv Wins "Company of the Year" in Financial Services at the 2021 American Business Awards®

Press Release from PayActiv

SAN JOSE, Calif., May 5, 2021 /PRNewswire/ -- Payactiv, Inc, a leading provider of financial-empowerment services for wage earners, wins multiple Stevie® Awards at the 2021 American Business Awards.

(PRNewsfoto/PayActiv)

Key Facts

  • Payactiv wins big at the 2021 American Business Awards – earning top honors in two of the premier categories:
    • "Company of the Year - Financial Services" (medium-sized company) for providing tools and services that support the financial wellness of 2 million people.
    • "Corporate Social Responsibility Program of the Year" for waiving all user fees during Covid's lockdown months, working with New York City to provide taxicab drivers access to $27 million in earned wages as they delivered essential items.

The Stevie Awards were created in 2002 to honor and generate public recognition of the achievements and positive contributions of organizations and working professionals worldwide.

What the Judges Said

  • Company of the Year - Financial Services:"Efficacious and comprehensive financial wellness platform, the company helps employees earn, access, and use wages to enhance their livelihoods. The Platform has loads of effective features."
  • Winner, Corporate Social Responsibility Program of the Year:"Payactiv went above and beyond..."and"Epitome of corporate responsibility..."and"A conscious effort to help those in industries most impacted by COVID-19."

The Big Picture

  • Payactiv creates products that empower more people to participate in the economy they helped create. It is a Certified B Corp and Public Benefit Corporation committed to improving the financial stability and livelihood of the paycheck-to-paycheck worker.
  • Payactiv invented Earned Wage Access (EWA), a financial service that enables workers to access on demand their accumulated wages between paydays. It is not a loan. In less than a decade, EWA as a category has become one of the most popular benefits programs in corporate America, and it is used by tens of thousands of businesses daily.
  • In 2020, U.S workers accessed early $9.5 billion of their earned wages, up 200 percent in three years (Aite Group).
  • Payactiv's offering is the only EWA program with an approval order from the Consumer Financial Protection Bureau (CFPB).
  • In addition to EWA, the Payactiv app delivers a full suite of financial-empowerment tools designed to holistically support people's financial wellness. Available to everyone, these tools include early pay and direct deposit services, spending management, exclusive marketplace discounts, integrated bill pay, savings and budgeting tools, and a dynamic team communications tool. Payactiv supports more than 1,500 businesses.

About Payactiv

Payactiv, a Public Benefit Corporation and Certified B-Corp, is a holistic financial-wellness platform that provides employees on-demand access to earned but unpaid wages. Businesses that partner with Payactiv see significant cost reductions through increased recruitment, engagement and retention. Employees love Payactiv because it eliminates the expensive between-paychecks toll of payday loans, bank overdrafts and late fees. Payactiv offers a suite of financial services that includes savings and budgeting tools, bill payment and financial-health measurement. Payactiv is the winner of the Innovative Payments Association's Consumer Champion Award, a Finovate winner and finalist, and the recipient of numerous best-in-class awards in both FinTech & HRTech. It is also the provider of Earned Wage Access to Walmart and the only EWA program with an approval order from CFPB.

In 2020, Payactiv released a short film, nominated for Webby awards, titled, "We Heard You." Learn more at www.payactiv.com.

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