Activehours said Sept. 21 that it raised $39 million in funding led by Andreessen Horowitz. Matrix Partners, Ribbit Capital and March Capital Partners also participated. Activehours, of Palo Alto, is a mobile app that lets people access their pay directly from their smartphones.
PALO ALTO, CA (September 21, 2017) – Activehours today announced a $39 million investment round led by Andreessen Horowitz, along with participation from earlier-stage investors Matrix Partners, Ribbit Capital and March Capital Partners.
Activehours is a mobile app that gives people access to their pay directly from their smartphones, whenever they need it. More than $1 trillion of pay is held up because of rigid paychecks that only show up every two weeks. While this works well for employers, Americans pay over $100 billion a year in overdraft and late fees. Activehours allows people to have more financial control to pay their bills on time and avoid late and overdraft fees.
Launched in 2014, Activehours has grown quickly; currently employees from more than 25,000 companies including Starbucks, Apple, Home Depot and Target use the app. Activehours charges no fee or interest for using the service: instead, with each transaction users are given the opportunity to pay what they believe is fair.
“Until a few centuries ago, people got paid as they worked. Employers moved to paying employees every two weeks because that was more convenient for them. Now, we’ve built a way for people to take back control of their paychecks,” said Ram Palaniappan, founder of Activehours. ”With this latest investment round, we’re looking to significantly expand the team and further improve the product to continue our focus on making money work better for everyone.”
Activehours also announced two additions to its executive team: Stewart Ellis as chief financial officer, and Ramon Icasiano as vice president of customer care. Ellis joined Activehours in April from BloomReach where he served as CFO, following senior finance and corporate development roles with 23andMe and eBay. Icasiano’s experience includes customer advocacy leadership roles at Netflix and Zynga; he joined the company in August.
“The ability to access the money you’ve already earned is one that people should have always had,” said Alex Rampell, Andreessen Horowitz general partner. “Activehours is giving people new flexibility with their earnings. It’s also incredible to see that the community of Activehours users is actually supporting this product by choice – without any required fees.”
“Since launching, Activehours has become indispensable to its growing community of users,” said Dana Stalder, general partner at Matrix Partners. “Now, the company’s opportunity is clearer than ever, and Matrix is excited to continue our partnership as they expand the team and grow the business.”
To download the free Activehours app and start getting paid as you work, visit:
Google Play Store:
iTunes Store: https://itunes.apple.com/us/app/activehours-unlock-your-
For a current listing of open positions on the Activehours team go to www.activehours.com/careers.
Activehours is the new, faster way to get your paycheck. Unlike traditional, rigid paychecks that only show up every two weeks, Activehours gives you access to your pay as you earn it – any time, any day, right from your smartphone. Activehours charges no fee or interest for using the service: instead, with each transaction users are given the opportunity to pay what they believe is fair. Launched in 2014, Activehours is driving consumer-empowered finance through mobile technology by breaking open more than $1 trillion held up in America’s pay cycle. Current funding partners include Andreessen Horowitz, Matrix Partners, Ribbit Capital, Felicis Ventures, March Capital Partners, Trinity Ventures, Thrive Capital, and Camp One Ventures. For more information please visit www.activehours.com.