Tapcheck raises USD 225 million for on-demand pay solutions

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.

Enabling employees to access their wages before payday

Tapcheck emerged from the vision to address financial difficulties caused by traditional pay cycles. The company enables workers to access their earned wages more conveniently before payday, easing the paycheck-to-paycheck strain and, in turn, improving employee morale, retention, and productivity.

Its on-demand pay platform integrates with payroll and timekeeping systems, offering a precise experience for employers and employees. Tapcheck is provided at no additional cost to employers, allowing their employees to safely and responsibly access their earned wages. This way they can avoid hidden fees and have greater financial flexibility. Companies never lose control of payroll and employee paychecks always reflect their advances.

According to the company, employers utilising Tapcheck report an over 50% improvement in employee retention, with 70% of employees confirming that it reduces financial stress. The company is committed to security, compliance with industry regulatory requirements, and transparency, ensuring that payroll control remains in the hands of the organisations. Tapcheck’s proprietary earned wage access engine provides exceptional accuracy in wage calculations, enhancing financial transparency and boosting employee engagement.

Tapcheck partnered with companies such as Hilton, Planet Fitness, Taco Bell, and Jiffy Lube, facilitating adoption of its platform in industries such as the quick-service restaurant, heath, and rehabilitation sectors. The funding will support its continued development and improve accessibility to its Mastercard offering, accelerating the expansion of its AI capabilities.

Tapcheck aims to offer alternatives on how individuals access and manage their earnings. By addressing real financial needs and driving employee retention and performance for employers, the company wants to improve employee experience, payroll accuracy, and optimise onboarding.