Wilson Sonsini Goodrich & Rosati is representing PayActiv in the transaction
PayActiv, the largest provider of employment-based holistic financial wellness services, has raised $20 million from Generation Partners in a Series B financing round. Generation Partners has joined early round investors Ziegler Link•Age Fund II and affiliate funds of Softbank Capital in helping PayActiv end predatory fees and debt cycle for millions of workers.
This latest funding round comes at a time when PayActiv is promoting its mobile and global holistic financial wellness tools, including bill pay, budgeting & savings tools, discounts, financial counseling & education, and multiple instant funds availability options for immediate access to earned wages.
Founded in 2012, PayActiv has grown six-fold in the past year. In December 2017, PayActiv signed an agreement with Walmart to deliver timely earned wage access to more than 1.4 million associates. In July 2018, the company announced an agreement with ADP that opens the PayActiv services to more than 600,000 businesses nationwide.
PayActiv will use this funding to expand its platform, accelerate growth and focus on developing additional high-impact solutions to the financial problems impacting billions of workers worldwide. Additionally, Hawkins will join the PayActiv Board of Directors to further propel the company’s goal of transforming the relationship between employer and employee and creating security, dignity and savings for all workers.
The WSGR corporate team representing PayActiv included Mike Danaher (Picture), Andrew Sparks, Chris Garcia, and Darlene Rado. Certain tax matters were handled by Myra Sutanto Shen.
Involved fees earner: Michael Danaher – Wilson Sonsini Goodrich & Rosati; Andrew Sparks – Wilson Sonsini Goodrich & Rosati; Christopher Garcia – Wilson Sonsini Goodrich & Rosati; Myra Sutanto Shen – Wilson Sonsini Goodrich & Rosati;
Law Firms: Wilson Sonsini Goodrich & Rosati;
Clients: PayActiv Inc.;