This startup lets workers access their wages as they earn them. Check out the 13-slide pitch deck Rosaly used to raise $10 million in seed funding.
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- French salary advance fintech startup Rosaly has raised $10 million in fresh funds.
- The company enables workers to access their wages as they earn them.
- Rosaly will use the funding to expand into new European countries and products.
A startup that enables workers to access their wages as they earn them has raised $10 million in fresh funding.
Paris-based Rosaly, which was founded in 2019 by entrepreneur Arbia Smiti, wants to become a platform for employee financial wellbeing. The company automates all of the HR processes associated with on-demand pay while also offering financial education services to its users.
Workers can track their earned salary while they work and request an advance in pay that is instantly sent to their bank account. The remaining amount is paid out as normal on pay day. Rosaly funds all of the salary advances.
In many European countries, it’s mandatory for employers to offer employees the chance to be paid their earned wages in advance but it is often not advertised to staff with the process adding additional workload to payroll departments.
Rosaly works with predominantly blue-collar employees at small-to-medium sized businesses and larger corporates to manage the process of receiving salaries on demand and provide other tools like financial education and data insights for employees.
“It’s not obvious to people because companies hide it but the benefits are massive and we have to educate people about it,” Smiti told Insider. “It’s an exciting time for us because we are one of the first movers in this market and we are already seeing strong adoption of our product.”
The French firm works differently to its cohort of similar challengers in the UK and US, where frontline employees often have to pay to be paid in advance on credit. Rosaly charges a flat fee to employers which is not indexed by the number of employees who use the service with an initial focus on sectors like hospitality, logistics, and transport.
Rosaly has brought in $7.5 million in equity funding in a round led by San Francisco-based Fin Capital, a backer of DailyPay, a US competitor. The startup also brought in funding from The Treasury VC, Haymaker, FJ Labs, Auxxo, LeFonds VC, Clocktower, Kraken Ventures, Audeo Ventures, Sie Ventures, and Moving Capital, alongside $2.5 million in debt funding.
Rosaly began its funding journey ahead of the summer but Smiti said the process was hectic and at times difficult amid a downturn in the funding market for tech startups in 2022.
“We raised a pre-seed round last year and we thought that doing a funding round this year with our growth since then would make things easier but it was weird timing with the market crashing and investors saying ‘the party is over.'”
The company will use the funding to grow its team from 25 currently to around 35 in the next six months, with a focus on product and tech roles. Rosaly will also look to expand into new European markets like Germany and Italy in the future, alongside a set of new product offerings including savings and credit cards in the near future.
Check out Rosaly’s seed pitch deck below: