A Calgary-based startup, ZayZoon, is making a comeback in Canada. With
Earned Wage Access ("EWA") being one of
the fastest growing employee lifestyle benefits in the United
States, ZayZoon currently offers EWA to thousands of US businesses
and millions of employees. EWA provides employees with the option
to access a percentage of their earned paycheck before their
designated payday, with the goal of alleviating financial stress
and the reliance on payday loans. ZayZoon's revenue is based on
a five-dollar transaction fee for cash advances, distinguishing the
startup from a traditional payday loan.
While ZayZoon was first introduced to the Canadian market in
2016, the company began exclusively serving the United States,
after struggling to find partnerships up north. In fact,
ZayZoon's co-founder, Tate Hackert, noted that the startup
signed more partnerships in a two-day trade show in the United
States than it had in Canada in the previous 12 months. However,
with
