Activehours Announces $39m Investment Round, Additions to Executive Team
Activehours, a mobile app that gives people access to their pay directly from their smartphones whenever they need it, has announced a $39 million investment round led by Andreessen Horowitz, along with participation from earlier-stage investors Matrix Partners, Ribbit Capital, and March Capital Partners.
Launched in 2014, Activehours has added employees from more than 25,000 companies including Starbucks, Apple, Home Depot and Target, who use the app. Activehours charges no fee nor interest for using the service. Users are given the opportunity to pay what they believe is fair.
At this time, the service is only available in the U.S. and expansion abroad is not planned at this time.
More than $1 trillion of pay is held up because paychecks only show up every two weeks. The company says that as a result, Americans pay over $100 billion a year in overdraft and late fees. Activehours allows people to have more financial control to pay their bills on time and avoid late and overdraft fees.
Activehours also announced two additions to its executive team: Stewart Ellis as chief financial officer, and Ramon Icasiano as vice president of customer care. Ellis joined Activehours in April 2017 from BloomReach where he served as CFO, following senior finance and corporate development roles with 23andMe and eBay. Icasiano’s experience includes customer advocacy leadership roles at Netflix and Zynga. He joined the company in August 2017.