Earlier access to workers' wages
Plus, investment opportunities for Calgary tech
Welcome to this week's Sunday Briefing. In this issue, read about a platform helping workers access their earnings more quickly, plus 8 other stories you've probably missed. Have a great day. We'll see you again on Wednesday.
ZayZoon earns $46M in Series B financing for its wages-on-demand platform
ZayZoon, a platform that enables employees to access earned wages on demand, has raised CAD $46 million (USD $34.5M) in debt and equity as part of a Series B financing round.
The round was led by Framework Venture Partners, with co-investment from Export Development Canada (EDC) and participation from Edmonton-based ATB Financial as well as existing shareholders.
Put simply, ZayZoon allows employees to instantly access their earned wages on demand. The company’s goal is to reduce financial stress related to individual cash flow shortfalls between paycheques, with the upshot being improved employee retention, productivity, and engagement.
The company said the new access to capital will support hiring and other forms of growth. “This financing will fuel our mission in being a true partner in financial health and workplace engagement to small and midsize businesses,” said Darcy Tuer, co-founder and CEO of ZayZoon, in a statement.
🗳️ Question of the Week
Throughout your career, have you ever wanted earlier access to your wages?
🤝 Funding, Deals + Partnerships
Leadership development platform, Monark, raises $1.5M seed round. The Calgary-based company provides on-demand leadership development through its SaaS platform. Monark
Alberta investing $7M into Cenovus Energy study on small modular reactors. The study will focus on how SMRs could be “safely, technically and economically deployed” for oilsands. CBC News
Platform Calgary and National Bank of Canada partner to create new investment opportunities for Calgary’s tech sector. The new strategic partnership will focus on improving the connections between investors and Calgary technology startups. National Bank of Canada
Arolytics raises seed financing led by BDC Capital. The provider of methane software and data analytics solutions for the oil and gas sector, is the inaugural investment in BDC Capital’s new $150M Sustainability Venture Fund. Arolytics
3 reasons to ditch traditional expense reports (and a better alternative)
Expense reports have long been a staple of corporate financial management, but their drawbacks are increasingly hard to ignore. Here are 3 reasons why your company should consider ditching them:
Time-Consuming: Preparing & reviewing expense reports is a time-intensive process. Employees spend valuable hours documenting expenses and managers must painstakingly review each submission.
Error-Prone: Manual entry often leads to errors, from miscalculated amounts to missing receipts. These mistakes can result in inaccurate financial records and potential compliance issues.
Lack of Real-Time Visibility: Expense reports provide a retrospective view of spending, making it challenging to track expenses in real time. This delay can hinder proactive cost control.
📰 Need To Know
Metro Vancouver's industrial space shortage is now Calgary's economic gain: report. Researchers state Metro Vancouver has lost an estimated 5.1 million sq ft of industrial businesses to Calgary. Daily Hive
Calgary plant the ‘brains’ behind new innovation for more cost efficient EVs. Exro Technologies is celebrating what it calls its “commitment to pushing the boundaries of technology in the electric vehicle industry and clean tech space.” Global News
Alberta cleantech company Kathairos Solutions reaches major methane milestone. Kathairos eliminates methane venting on remote wells by using liquid nitrogen — an inert, non-polluting fuel source — to operate pneumatic devices. Kathairos Solutions
SkipTheDishes launches sustainable packaging pilot in Calgary with local company Earthware. The pilot aims to support Calgary restaurants looking to transition to reusable packaging through a convenient return-for-refund process leveraging Alberta bottle depots. SkipTheDishes
A Cure For Your Cash Burn
Have you explored SR&ED financing to boost your balance sheet? More and more Canadian companies are utilizing this strategic tool to take control of their funding timelines.
If your business accrues SR&ED tax credits, connect with Easly and access capital in as little as two weeks.
Nearly 300 companies supported
Get tomorrow's SR&ED refund today with Easly Advances > Learn more.
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