The end of the year is a great time to reflect on everything that happened and appreciate the journey that brought us here. And what a year it’s been for Payactiv!
In 2012, Payactiv invented Earned Wage Access (EWA). Our goal was to help bridge the gap between financial wellness for millions of workers living paycheck to paycheck. In the years following, our simple payroll invention reimagined the way people think about financial wellness.
2021 marked a landmark year at Payactiv. After months of research and design we created a brand new app that merged employer-sponsored benefits like Earned Wage Access with a digital wallet and a discount marketplace. Payactiv launched an all-in-one livelihood platform empowering millions of workers to more fully participate in the economy they helped to create.
With this platform, our users can now rely on Payactiv to help them through life’s ups and downs no matter where they choose to work. The Payactiv app gives them access to comprehensive financial services and more control and flexibility with their earning, spending, and saving. This new flexibility offered through our app empowers more people to break out of the cycle of debt and gives them a chance to make progress toward financial stability and growth.
Whether a single mother of two needs to feed her family or pay for an urgent prescription, she can. Whether a college student wants to fund a last-minute vacation or sock away for a rainy-day fund, they can.
This is why we do what we do.
As we continue to march forward in our mission to create opportunities for companies and workers to fully engage in their work and lives, we also want to appreciate those who recognized Payactiv in 2021.
Below is a list of awards we were honored to receive this year.
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. We won a gold Stevie award at the American Business Awards for providing tools and services that support the financial wellness of 2 million people.
Payactiv worked with New York City to provide taxicab drivers earned wages as they delivered essential items. As a B-Corp, we are a for-profit company that uses the power of business to build a more inclusive and sustainable economy by prioritizing the good of the world in conjunction with profit.
This award was in recognition of our exemplary performance beyond commercial metrics. Out of 4,000 Certified B Corporations worldwide, Payactiv is proud to be a top 5% B Corp for our positive societal impact. With that distinction and a brand new “Best for the World™” title, we are excited to continue striving to bring security, dignity, and savings to millions of low-income workers experiencing financial stress.
Aite-Novarica Group announced this award at the Mobile Payments Conference, August 18, 2021. Payactiv’s one-stop solution to save, spend, plan, and budget combines EWA, linking your bank account, exclusive discounts, and more all in one app. For this, we were given the innovation award in product design.
Along with the award for product design, Payactiv also received the Digital Wallet Grand Prize. Payactiv was recognized as a trailblazer in the digital wallet space, delivering outstanding user experience with access to the most comprehensive financial wellness services.
Competition was based on several criteria including level of innovation and competitive advantage, market needs, impact on customer experience, impact on customer operational efficiency, impact on customer retention, level of scalability across customer base, and future roadmap.
This award came from a long-standing relationship that resulted in a revolutionary white-labeled digital wallet for UKG, the leading global provider of human capital management (HCM), payroll, HR service delivery, and workforce management solutions. Our work with UKG is a perfect example of collaboration that can create forward-thinking solutions. By supplementing our traditional earned wage access offering with a robust financial literacy and planning element, our collaboration with the UKG Wallet can help millions of users alleviate financial stress and better maximize there earnings.
Similar to our recognition in the American Business Awards, we were recognized once again for our nonprofit ACCESS Foundation where we partnered with the New York City government to provide earnings to NYC taxi drivers who delivered emergency food and medical supplies across the city. We provided those drivers with more than $27 million. For many of them, that was their only source of income for months. We were honored to provide the access to the wages they whole-heartedly deserved.
At their 11th annual BAI Global Innovation Award ceremony, BAI awarded us a grand prize for product innovations in financial services that “creatively shape the experience and effectiveness” of the workforce in the “human capital” category. Seeing as our newly released app is designed to elevate the humanity of the low-wage worker; a group often marginalized by traditional banking services, we were honored to accept this award.
As we look back on these recognitions, it humbles us. We have always believed that purpose-driven technology and revolutionary design must be equalled with a socially-responsible model and a profound commitment to our users. It is clear we are not alone in that.
While these awards were attributed to a number of things from innovative design, to social responsibility, or human capital management considerations, at Payactiv, we have attributed these awards to our users.
They are the true drivers behind our continued innovation and are the real reason Payactiv was recognized by so many prestigious and storied institutions this year.
Thank you to these institutions for recognizing us and to our users for trusting us.
Each award we receive is a reminder to continue building a more inclusive and sustainable economy for the +80 million hourly workers in the U.S. We are honored to be recognized for our work in 2021 and will continue working towards a future where every worker’s financial security is prioritized.
Here’s to a rewarding and inclusive 2022.
For more information, visit payactiv.com/awards.
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