Welcome!

News Feed Item

Global Analytics Offers 0% Financing for the Underbanked With Acquisition of workpays.me

Company Offers No Fee, 12-Month Retail Finance on Brand-Name Products

SAN DIEGO, CA -- (Marketwired) -- 03/25/14 -- Global Analytics Holdings, Inc., the makers of the Zebit underwriting and payments platform for the underbanked, announced today that it has acquired workpays.me, an online marketplace that enables employees to pay for purchases over 12 months via direct or payroll deductions with 0% interest and no fees.

Founded by Josh Verne, Jon Dorfman and Paul Dumas, workpays.me is a benefit available through employers, offering an online catalog of over 20,000 brand name items such as computers / electronics, furniture, home goods, accessories and fitness at market prices. Its growing base of several million customers can choose from a variety of payment options, all done via direct or payroll deduction.

"This transaction strengthens our commitment to offering our customers the most affordable way to finance purchases," said Michael Thiemann, CEO of Global Analytics. "workpays.me's focus on financial wellness aligns perfectly with our culture."

"workpays.me's expertise in procurement, logistics and merchandising together with Global Analytics' experience in lending, payments and underwriting makes for a powerful combination," said Global Analytics advisor and co-founder of Capital One Financial Services Nigel Morris. "Providing a way for consumers with poor access to credit to buy products at standard market prices with 0% over 12 months is a true breakthrough. A win-win for both the employee and employer."

Because of the high risk of financing underbanked customers, typical interest rates available to them are high and product prices inflated.

"Not only are we able to offer customers prices comparable to what they would see online or at a big box retailer," said Josh Verne, CEO of workpays.me. "We are laser-focused on perfecting customer service, ensuring that we deliver best-in-class service. We know that if customers have a great experience with us, they're going to come back."

"When I founded this company, I was looking for ways to use analytics to have a positive impact on people's lives," added Global Analytics President and Chief Analytics Officer Krishna Gopinathan. "This is a perfect application for our Zebit platform -- using our Deep Learning analytic capabilities to ensure we can provide zero cost financing to as many customers as possible."

"workpays.me is an incredible benefit to offer to employees at no cost to the employer," said Scott McGurk, National Enterprise Manager at Paychex, Inc. "Benefits managers should take note of this program because increasingly, financial responsibility will become a key component of employee wellness and care. We love being able to help our employees make the most of their hard-earned money, and employees will appreciate that purchases are interest- and fee-free. As a bonus, most products are shipped free."

"We're excited about this partnership," said workpays.me advisor and former President of Visa Hans Morris. "I'm really proud of what the team has accomplished, and having the financial backing of an established company like Global Analytics is going to give workpays.me the fuel it needs to scale quickly."

Global Analytics has raised a total of $95 million, including a $30 million term credit facility in 2013 and $65 million in equity and debt financing since 2009.

About Global Analytics

Global Analytics is an international technology company applying advanced analytics to financing solutions for the underbanked. The founding team developed the fraud protection system protecting over 2 billion credit cards worldwide. The company has been honored as one of Red Herring's Top 100 Tech Startups and as a nominee in the Best Prepaid Awards in the UK for innovation. The company is based in San Diego and has over 400 employees worldwide, including key business operations in the United Kingdom and India. For further information, visit www.global-analytics.com.

About workpays.me

Headquartered in Philadelphia, workpays.me is an e-commerce platform that promotes financial wellness and enables individuals to make necessary life purchases through hassle-free direct deductions. Individuals have the opportunity to purchase thousands of name-brand products & services with the flexibility to pay over time through direct or payroll deductions. For more information, visit www.workpays.me.

About Paychex

Paychex, Inc. (NASDAQ: PAYX) is a leading provider of payroll, human resource, and benefits outsourcing solutions for small- to medium-sized businesses. The company offers comprehensive payroll services, including payroll processing, payroll tax administration, and employee pay services, including direct deposit, check signing, and Readychex®. Human resource services include 401(k) plan recordkeeping, section 125 plans, a professional employer organization, time and attendance solutions, and other administrative services for business. A variety of business insurance products, including group health and workers' compensation, are made available through Paychex Insurance Agency, Inc. Paychex was founded in 1971. With headquarters in Rochester, New York, the company has more than 100 offices serving approximately 570,000 payroll clients as of May 31, 2013. For more information about Paychex and our products, visit www.paychex.com.

Add to Digg Bookmark with del.icio.us Add to Newsvine

Media Contact:
Sandi Adam:
Email Contact

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The cloud competition for database hosts is fierce. How do you evaluate a cloud provider for your database platform? In his session at 18th Cloud Expo, Chris Presley, a Solutions Architect at Pythian, will give users a checklist of considerations when choosing a provider. Chris Presley is a Solutions Architect at Pythian. He loves order – making him a premier Microsoft SQL Server expert. Not only has he programmed and administered SQL Server, but he has also shared his expertise and passion w...
Advances in technology and ubiquitous connectivity have made the utilization of a dispersed workforce more common. Whether that remote team is located across the street or country, management styles/ approaches will have to be adjusted to accommodate this new dynamic. In his session at 17th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., focused on the challenges of managing remote teams, providing real-world examples that demonstrate what works and what do...
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Eighty percent of a data scientist’s time is spent gathering and cleaning up data, and 80% of all data is unstructured and almost never analyzed. Cognitive computing, in combination with Big Data, is changing the equation by creating data reservoirs and using natural language processing to enable analysis of unstructured data sources. This is impacting every aspect of the analytics profession from how data is mined (and by whom) to how it is delivered. This is not some futuristic vision: it's ha...
Silver Spring Networks, Inc. (NYSE: SSNI) extended its Internet of Things technology platform with performance enhancements to Gen5 – its fifth generation critical infrastructure networking platform. Already delivering nearly 23 million devices on five continents as one of the leading networking providers in the market, Silver Spring announced it is doubling the maximum speed of its Gen5 network to up to 2.4 Mbps, increasing computational performance by 10x, supporting simultaneous mesh communic...
Predictive analytics tools monitor, report, and troubleshoot in order to make proactive decisions about the health, performance, and utilization of storage. Most enterprises combine cloud and on-premise storage, resulting in blended environments of physical, virtual, cloud, and other platforms, which justifies more sophisticated storage analytics. In his session at 18th Cloud Expo, Peter McCallum, Vice President of Datacenter Solutions at FalconStor, will discuss using predictive analytics to ...
Let’s face it, embracing new storage technologies, capabilities and upgrading to new hardware often adds complexity and increases costs. In his session at 18th Cloud Expo, Seth Oxenhorn, Vice President of Business Development & Alliances at FalconStor, will discuss how a truly heterogeneous software-defined storage approach can add value to legacy platforms and heterogeneous environments. The result reduces complexity, significantly lowers cost, and provides IT organizations with improved effi...
Sensors and effectors of IoT are solving problems in new ways, but small businesses have been slow to join the quantified world. They’ll need information from IoT using applications as varied as the businesses themselves. In his session at @ThingsExpo, Roger Meike, Distinguished Engineer, Director of Technology Innovation at Intuit, showed how IoT manufacturers can use open standards, public APIs and custom apps to enable the Quantified Small Business. He used a Raspberry Pi to connect sensors...
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
Father business cycles and digital consumers are forcing enterprises to respond faster to customer needs and competitive demands. Successful integration of DevOps and Agile development will be key for business success in today’s digital economy. In his session at DevOps Summit, Pradeep Prabhu, Co-Founder & CEO of Cloudmunch, covered the critical practices that enterprises should consider to seamlessly integrate Agile and DevOps processes, barriers to implementing this in the enterprise, and pr...
The principles behind DevOps are not new - for decades people have been automating system administration and decreasing the time to deploy apps and perform other management tasks. However, only recently did we see the tools and the will necessary to share the benefits and power of automation with a wider circle of people. In his session at DevOps Summit, Bernard Sanders, Chief Technology Officer at CloudBolt Software, explored the latest tools including Puppet, Chef, Docker, and CMPs needed to...
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection.
Data-as-a-Service is the complete package for the transformation of raw data into meaningful data assets and the delivery of those data assets. In her session at 18th Cloud Expo, Lakshmi Randall, an industry expert, analyst and strategist, will address: What is DaaS (Data-as-a-Service)? Challenges addressed by DaaS Vendors that are enabling DaaS Architecture options for DaaS