Here’s an exclusive look at the pitch deck that fintech startup WageFi used to raise its first $400,000 from former American Express and Goldman Sachs executives
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- WageFi integrates with payroll providers like ADP and Square to provide early access to wages.
- It also provides a debit card that employers can issues to employees for reimbursements.
- WageFi raised $400,000 from investors include former American Express and Goldman Sachs executives.
New fintech startup WageFi is aiming to help employees access a portion of their earned income before payday, along with a slew of other financial wellness benefits.
Prshant Batra, who founded the company this year and serves as its CEO, previously worked for Goldman Sachs’s consumer banking unit, Marcus, and American Express.
WageFi just raised a $400,000 pre-seed round, which includes investments from Batra’s former colleagues at American Express and Goldman Sachs: Ash Gupta, former president of global credit risk and information; Manish Gupta, who was an executive vice president at the company; and Dipanjan Bhattacharjee, a former managing director at Goldman Sachs, who now serves as the COO of Nirvana, a digital finance startup.
In addition to allowing early access to wages, WageFi puts together the infrastructure for employers to provide more financial benefits such as financial planning, expense reimbursements, and personalized employee rewards. The startup’s technology connects with payroll, accounting, and banking platforms and is already integrated with ADP, Gusto, and Square.
WageFi also offers a white-labeled prepaid card that employers issue for expense reimbursements or employee rewards.
WageFi customers include restaurants, plumbing, and HVAC companies. The startup plans to mainly work with small and medium-sized businesses within the service industry that WageFi believes is underserved with financial products.
“We are trying to create an ecosystem where it will be free for employers to use because I believe all these players in the market are using existing payment rails that won’t work for an hourly wage setup,” Batra said.
Batra said WageFi onboarded 700 users when it first came out in July, but with the new funding, it now has plans to have at least 20,000 people on its platform by January or February of next year. In addition to adding more customers, WageFi is also planning to launch a mobile app on October 28.
While this is the first institutional funding for WageFi, Batra said he’s not rushing any other fundraising for the company.
“We have a lot of VC interest, but since we just raised this angel round, I don’t want to move too fast,” he said. “We really want to build a lot of value.”
Here is an exclusive look at the pitch deck WageFi used to raise $400,000 in pre-seed funding.