Welcome!

News Feed Item

Activehours Announces $4.1 Million in Seed Funding to Reinvent the Way You Get Your Pay

Disruptive Technology Unlocks the More Than $1 Trillion Held Up for Weeks Each Year in America's Pay Cycles

PALO ALTO, CA--(Marketwired - July 23, 2014) - Following the launch of its mobile app that gives hourly workers immediate access to their earned wages, Activehours today announced a $4.1 million round of seed financing, led by influential financial technology investor Ribbit Capital and early stage venture firm Felicis Ventures.

Activehours is putting an end to the antiquated two-week pay cycle that is responsible for holding up over $1 trillion of pay each year while workers wait for payday. With the Activehours mobile app, hourly workers are able to unlock their unpaid wages right from their smartphones anytime they need it.

More than 75 million workers were paid hourly in 2013, according to the U.S. Bureau of Labor Statistics, and now these workers can access and control their earned wages when they decide. For the first time, consumers don't have to be held hostage to an inflexible payment cycle. Activehours is pioneering a modern approach that aligns real-time work with real-time pay.

"We're using technology already in smartphones to update a two-week pay process that hasn't changed in hundreds of years," said Ram Palaniappan, founder of Activehours. "If you've already put in the hours at work and earned your pay, you should be able to access it and use it when you want. Before, people didn't have a choice, but now we're putting the control into their hands."

The mobile app works by letting users track the number of hours they have worked and allowing them to tap into their unpaid wages before the money hits their bank account on payday. Activehours is open to workers paid hourly, regardless of their employer. The service was launched to the public in May after running a 6-month pilot with employees from over 100 companies, and has now grown to include employees from over 250 employers, from large retailers to top banks, universities and hospitals.

"We see Activehours as a service millions of people will value and trust which will improve their overall lives," said Micky Malka, founder of Ribbit Capital. "Our goal is to find companies who make the experience with financial services better. This is the first service that delivers an easy, transparent and personal way to decide when to get paid for the hours you have already worked."

To download the free Activehours app and unlock your pay, please visit:

About Activehours
Activehours is the new, faster way to get paid. Unlike the traditional two-week pay cycle, Activehours unlocks your pay by giving you the money you've already earned when you need it most -- any time, any day. With Activehours, you choose when to get paid for the hours you've already worked, finally giving you control over your finances. Founded in 2013, Activehours is driving consumer-empowered finance through mobile technology by breaking open more than $1 trillion held up in America's pay cycle. For more information on Activehours or to download the app, please visit www.activehours.com

About Felicis Ventures
Felicis Ventures is a boutique venture capital firm investing in iconic companies across five key focus areas -- mobile, e-commerce, enterprise, education and health -- complemented by exploratory bets in groundbreaking technologies, including 3D imaging, bio-informatics, connected devices and robotics. Since 2006, Felicis has backed over 90 companies via a collaborative, stage-agnostic approach focused on putting founders first. 48 Felicis-backed companies have been acquired by industry leaders including Google, Twitter, eBay, Apple and Facebook, among others. Felicis Ventures is based in Palo Alto, California. For more information, visit www.felicis.com

About Ribbit Capital
Ribbit Capital is a venture capital firm that invests globally in unique individuals and brands who are aiming to disrupt financial services. Headquartered in Palo Alto, Ribbit believes the category is profoundly under-innovated and is looking to support entrepreneurs who have already launched the businesses of the future. For more information, please visit www.ribbitcap.com

Press Contact:
Highwire PR
Christina Schultz
christina[at]highwirepr[dot]com

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
While some developers care passionately about how data centers and clouds are architected, for most, it is only the end result that matters. To the majority of companies, technology exists to solve a business problem, and only delivers value when it is solving that problem. 2017 brings the mainstream adoption of containers for production workloads. In his session at 21st Cloud Expo, Ben McCormack, VP of Operations at Evernote, discussed how data centers of the future will be managed, how the p...
"NetApp is known as a data management leader but we do a lot more than just data management on-prem with the data centers of our customers. We're also big in the hybrid cloud," explained Wes Talbert, Principal Architect at NetApp, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"We're focused on how to get some of the attributes that you would expect from an Amazon, Azure, Google, and doing that on-prem. We believe today that you can actually get those types of things done with certain architectures available in the market today," explained Steve Conner, VP of Sales at Cloudistics, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
It is of utmost importance for the future success of WebRTC to ensure that interoperability is operational between web browsers and any WebRTC-compliant client. To be guaranteed as operational and effective, interoperability must be tested extensively by establishing WebRTC data and media connections between different web browsers running on different devices and operating systems. In his session at WebRTC Summit at @ThingsExpo, Dr. Alex Gouaillard, CEO and Founder of CoSMo Software, presented ...
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...
"There's plenty of bandwidth out there but it's never in the right place. So what Cedexis does is uses data to work out the best pathways to get data from the origin to the person who wants to get it," explained Simon Jones, Evangelist and Head of Marketing at Cedexis, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
WebRTC is great technology to build your own communication tools. It will be even more exciting experience it with advanced devices, such as a 360 Camera, 360 microphone, and a depth sensor camera. In his session at @ThingsExpo, Masashi Ganeko, a manager at INFOCOM Corporation, introduced two experimental projects from his team and what they learned from them. "Shotoku Tamago" uses the robot audition software HARK to track speakers in 360 video of a remote party. "Virtual Teleport" uses a multip...
"We work around really protecting the confidentiality of information, and by doing so we've developed implementations of encryption through a patented process that is known as superencipherment," explained Richard Blech, CEO of Secure Channels Inc., in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
High-velocity engineering teams are applying not only continuous delivery processes, but also lessons in experimentation from established leaders like Amazon, Netflix, and Facebook. These companies have made experimentation a foundation for their release processes, allowing them to try out major feature releases and redesigns within smaller groups before making them broadly available. In his session at 21st Cloud Expo, Brian Lucas, Senior Staff Engineer at Optimizely, discussed how by using ne...
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, provided a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to oper...
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
In his session at 21st Cloud Expo, James Henry, Co-CEO/CTO of Calgary Scientific Inc., introduced you to the challenges, solutions and benefits of training AI systems to solve visual problems with an emphasis on improving AIs with continuous training in the field. He explored applications in several industries and discussed technologies that allow the deployment of advanced visualization solutions to the cloud.
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...