Earnin, an app that lets workers get immediate access to their money as soon as the work day is over, also saw a major pay day itself thanks to a new Series C funding round.
The financial services startup raised $125 million in equity financing from DST Global, Andreessen Horowitz, Spark Capital, Matrix Partners, March Capital Partners, Coatue Management and Ribbit Capital. a16z Cultural Leadership Fund also joined this investment round.
The app lets workers immediately access their pay with no fees, interest or hidden costs. The employer adds whatever they want to pay the worker and it arrives in the employee’s bank account instantly. 50,000 employers currently use Earnin, according to the company.
“Our work doesn’t end with the pay cycle, said Earnin Founder and CEO Ram Palaniappan, in a statement. “We will expand our team and develop new partnerships, but most importantly, continue to drive awareness around the financial challenges faced by so many Americans.”
Earnin was established in 2014.
Photo credit: Earnin/Business Wire