Accordingly, to the latest PwC report during the time when it comes to all primary sources of stress, financial matters rank the utmost priority list amongst the employees.
Middle East’s pioneer start-up ecosystem provider, Wamda, has gone ahead and invested in the UAE based financial technology start-up Flexxpay.
Providing an all economic package for employees’ benefits solutions targeting primarily the businesses for all sizes across the Mena region, are the primer advantage that is embedded from the social impact company. The financial expert team would then analyze and utilize the allocated funds for overall enhancement of their technological platform thus, focussing primarily upon welcoming and serving the corporate clients in a more efficient manner.
The cloud-based platform as utilized by Flexxpay gives the workforce access for a series of services and benefits that is all-inclusive of direct access into their earned salary and earned commissions at all times. Flexxpay by offering in such a kind of traditional yet modern alternative for the payment cycle provides heaps of benefits to the workforce and in turn company by: –
- Reduction in financial stress on employees.
- Surging ahead in terms of payments.
- Enhancement of productive standards and sales
- As well as enhancing employee retention rates.
Fadi Ghandour, executive chairman at Wamda stated that “the Flexxpay’s cloud-based system is soon targeting to launch a clear, plain, innovative and first of its kind payment solutions that support in unlocking the employees’ income on an earned basis. They also stated that they are indeed a confident lot for the expertise and vigor that the team carries for driving the firm forward and are also an exciting lot to support their clients in their journey.”
Big Boost for the Employees and Fintech start-ups
According to PwC’s 8th annual Employee Financial Wellness Survey conducted this year in 2019, it stated that a majority 59 percent of the total Wamda Employees felt and shared that managing the finances were their primary cause of concern and that financial matters ruled mainly atop the primary sources amongst the surge in the overall stress volume.
This has boosted the growth of Fintech start-ups as they not only addresses employee benefits as well as it creates in a system that supports in establishing a full time traditional yet a modern-day human resources (HR) and finance management team in addressing core issues pertaining to pay period timing which in turn supports in bridging the wide gap usually created during payment and spend time associated alongside the workforce.
The firm Flexxpay currently holds its operations from only the two of the Middle East’s largest economies UAE and Saudi Arabia. However, it has devised plans to expand its base further to the rest of the MENA region in the near future.
Michael Truschler, co-founder and CEO of FlexxPay, stated that “Giving the employees get entry to about what they have already earned enables them to cover surprising expenses and motivates them on the equal time. Having Wamda as an investor, in addition, validates our commercial enterprise version and inspires our crew as an entire.” FlexxPay previously raised an undisclosed investment round in July 2019 and these days signed a partnership agreement with Riyad Bank.