SAN JOSE, Calif., Jan. 8, 2020 — Today, PayActiv, Inc., a certified Public Benefit Corporation and the leader in employer sponsored, holistic financial wellness service for employees, announced David Reidy as Chief Legal Officer.
Named a National Law Journal “Fintech Trailblazer,” Reidy most recently led the 50-lawyer fintech practice at McGuireWoods LLP and was a founding partner of the firm’s San Francisco office. Reidy is also a member of the Board of Directors of the Justice and Diversity Center in San Francisco and has received numerous awards and recognition for his commitment to pro bono legal services and fostering diversity and inclusion in the legal profession.
“Two-thirds of America’s hourly workforce, translating to more than 90 million hardworking people, are in need of financial relief between paychecks,” said Reidy. “It’s an honor join PayActiv and support its mission of bringing financial security, dignity and savings to millions of workers by offering financial wellness services and providing them with access to the wages they have earned.”
In his new role, Reidy will ensure that PayActiv will continue to be an industry leader in earned wage access. He will be responsible for all legal, compliance and legislative initiatives associated with PayActiv’s domestic growth and international expansion.
Through his tenure at McGuireWoods LLP, Reidy was already active in managing legal issues for the company. PayActiv currently operates in all 50 states and has the best legal framework in the industry for employers and employees. PayActiv is an active advocate for industry regulation and has sponsored California SB472, the first and only legislative bill of its kind that will create a statutory framework for the rapidly emerging earned wage access industry. As drafted, SB472 includes important consumer protection, privacy and enforcement provisions, while also promoting innovation to expand this socially impactful new solution.
“David brings incredible experience that will benefit our company and our clients,” said Safwan Shah, founder and CEO of PayActiv. “PayActiv distinguishes itself through its innovation and purpose-driven value system, and David embraces this and is an industry trailblazer who will help us achieve our goals. With David onboard, we’ll continue to innovate and offer the most compliant and diversified solutions in the industry with users in all 50 states and multiple international locations.”
In addition to providing timely earned wage access, the PayActiv holistic solution includes features like electronic bill pay, budgeting and savings tool, financial literacy and counseling as well as discounts and access to Uber and Amazon without a need for a debit or credit card.
PayActiv’s mission is to bring security, dignity and savings to low-income workers through an award-winning holistic financial wellness platform that gives employees on-demand access to earned but unpaid wages. Businesses that partner with PayActiv see significant cost reductions through increased recruitment, engagement and retention. Employees love PayActiv because it eliminates the expensive between-paychecks tolls of payday loans, bank overdrafts and late fees. PayActiv also offers a suite of financial services that include savings and budgeting tools, bill payment and financial health
“WITH DAVID ONBOARD, WE’LL CONTINUE TO INNOVATE AND OFFER THE MOST COMPLIANT AND DIVERSIFIED SOLUTIONS IN THE INDUSTRY WITH USERS IN ALL 50 STATES AND MULTIPLE INTERNATIONAL LOCATIONS.”
SAFWAN SHAH, FOUNDER & CEO, PAYACTIV