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Earned Wage Access Platform Tapcheck Raises $20 Million Series A

Earned Wage Access Platform Tapcheck Raises $20 Million Series A | Fintech Finance

Tapcheck, an employee financial wellness and earned wage access platform, today announced a $20 million Series A led by PeakSpan Capital. Hundreds of employers offer Tapcheck to their hourly employees, including the likes of McDonald’s, Jack in the Box, Home Instead and more. The company will use the funding to further its mission to improve business performance by empowering employees with financial wellness.

“We’ve always believed that businesses could benefit when their employees’ financial well-being was taken care of — something we saw firsthand in other businesses we founded and worked at,” said Ron Gaver, CEO and co-founder of Tapcheck. “Our strategy is clearly resonating, and we’re excited to put this capital to work to support more companies and their people.”

“The fallout from the pandemic has only accelerated the need for Tapcheck,” added Kayling Gaver, COO and co-founder of Tapcheck. “It’s incredibly gratifying to be able to help workers and their families make it through unforeseen challenges and gain more financial flexibility and confidence, while helping employers retain great people.”

“Tapcheck has been an incredible partner to our business, acting as a safety net for our employees during this critical time of need,” said Heather Harrington of Harrington Management, a McDonald’s franchisee. “It’s helped improve morale and retention, and set us apart from other prospective employers. Best of all, it was easy for us to deliver to our team, because Tapcheck makes it easy as it does not impact or change our workflows or payroll processes given its seamless integration with our provider, CTR Payroll Services, and its underlying employee experience platform, isolved People Cloud.”

After adopting Tapcheck, 74% of employees reported reduced financial stress and 59% said they were more motivated to go to work. What’s more, employers using Tapcheck’s solution have seen a 74% decrease in costs due to absenteeism, 48% reduction in those due to turnover, and 50% reduction in hiring costs.

“Tapcheck’s team understands that businesses thrive when their employees are thriving, especially when it comes to employees’ financial health. This is a simple notion, yet hard to put into practice for many companies. Tapcheck has made it possible for employees across the spectrum to get early access to their wages, and soon, a plethora of other financial wellness benefits,” said Jack Freeman, Partner at PeakSpan. “We’re proud to have backed Tapcheck at this critical juncture as they continue to grow rapidly and expand their reach.”

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