SAN JOSE, CA, July 14, 2022 — Payactiv, Inc., a Certified B Corp and leading provider of financial empowerment services for workers, has been named a “Best for the World™” B Corp in recognition of its exemplary service in bringing financial security and dignity to millions experiencing financial stress.
Payactiv ranks in the top 5% of thousands of certified B Corporations worldwide for its positive impact on customers and for promoting sustainable business practices.
Each year, B Lab recognizes the top 5% of all B Corps in impact on their community, customers, environment, and governance. This will be the second year in a row that Payactiv has ranked in this category as a B Corp. As both a Public Benefit Corporation and Certified B-Corp supporting more than 1,700 businesses and over 1 million users, Payactiv demonstrates that it is possible and vital for companies to serve a worthwhile purpose while making a profit.
Payactiv works with businesses of all sizes to bring security, dignity, and savings to millions of workers. It created the Earned Wage Access (EWA) category for on-demand pay, and it provides a financial wellness app that anyone can download for free.
“There is one word in the award title, Best for the World, which I really love, and that is ‘for’. It’s not ‘Best of the World.” said Safwan Shah, CEO and co-founder of Payactiv.
“I feel very humbled that we’ve earned this badge of honor two years in a row and have a lot of pride in what we’ve achieved for the American workers so far. It reinforces our mission and unwavering commitment to do more and [to do] better.” added Shah.
Payactiv’s mission has always been to help workers across the country meet their livelihood needs. This latest recognition by B Lab comes shortly after Payactiv announced the elimination of EWA fees, making several of its delivery options completely free. This is part of Payactiv’s ongoing response towards the increasingly challenging economic climate millions of Americans face every day and the rising need to gain better control over their financial health.
“Each Best for the World edition is an opportunity to raise the bar for how businesses can and should operate to create real and lasting positive impact for their workers, customers, communities, and the environment,” said Dan Osusky, Head of Standards and Insights at B Lab Global. “While no company is perfect and even the best companies can and should continue to strive to improve, the B Corps recognized as Best for the World can provide us all — standards setters, B Corps, non B Corps, and sustainability advocates — with inspiration on what true leadership in business can look like to make progress on addressing our current global challenges.”
B Lab is transforming the global economy to benefit all people, communities, and the planet. A leader in economic systems change, our global network creates standards, policies, tools, and programs for business, and we certify companies — known as B Corps — who are leading the way. To date, our community includes 400,000 workers in over 5,000 B Corps across 80 countries and 155 industries, and more than 200,000 companies manage their impact with the B Impact Assessment and the SDG Action Manager. B Lab has created and led efforts to pass over 50 corporate statutes globally that enable stakeholder governance, with over 10,000 companies using the legal framework. To learn more and join the movement, visit www.bcorporation.net.
Payactiv, a Public Benefit Corporation and Certified B-Corp, is a financial-wellness platform that provides 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’s Earned Wage Access because it eliminates the expensive between-paycheck toll of payday loans, bank overdrafts, and late fees. Payactiv offers a suite of financial services that includes savings and budgeting tools, bill payment, and financial-health management and recently launched “Good Cents”, a user-facing podcast with free financial education content.
Payactiv is also the winner of the “Best Innovative or Emerging Tech Solution” at the 2022 HR Tech Awards, a Silver Stevie® Award for our “All-in-One Digital Wallet and Livelihood Platform”, and “Best Wellness Program” award at the California Excellence HR Awards.
Learn more at www.payactiv.com.
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