On August 13, 2020, PayActiv, the leading employer-sponsored earned wage access and holistic financial wellness platform, announced that it has secured $100 million in its Series C round of funding to further its mission of bringing security, dignity, and savings, to workers. The financing round was led by Eldridge and includes existing PayActiv shareholders such as Generation Partners and Ziegler Link•Age Fund II.

PayActiv has also structured an expandable variable funding facility (VF Facility) with Security Benefit, a leading retirement solutions provider. The powerful combination of growth equity and VF Facility financing provides PayActiv the capability to rapidly expand its customer base, while supporting current clients with cost-free financial wellness benefits that improve employee engagement and retention.

PayActiv currently serves more than four million employees at over 1,000 businesses across retail, food services, business processing services, and over 400 senior living and healthcare businesses. Its clients include Walmart, Wayfair, Ibex Global, and many others.

Wilson Sonsini Goodrich & Rosati represented PayActiv in both transactions. The corporate team that advised PayActiv was led by Mike Danaher. The structured finance team that advised the company includes partner Ira Palgon, and associates Bob Hemm and Marsha Sukach.

For more information, please see PayActiv’s news release.