Rellevate Enters Early Wage Access Market With A Full Digital Banking Program
Writing for Forbes Tom Groenfeldt reports that a new fintech firm has launched to provide services to hourly wage workers, who make up almost 60% of employed Americans but tend to be under served by banks. Rellevate works with employers to let them provide their workers access to money they have already earned without requiring them to wait for their regular payroll check or direct deposit. That’s similar to services provided by several other firms such as PayActiv, ZayZoon and Branch. Known as early wage access companies, they offer an alternative to payday lenders, a $90 billion industry, or check cashers, an $11 billion industry. Payday lenders can charge 150% to 400% APR (annual percentage rate which includes interest and fees), he added.