ZayZoon, which lends employees money for a fee, raises $34.5M | TechCrunch

ZayZoon has raised $34.5 million in a Series B round.

The Calgary -based fintech firm charges employees $ 5 to get paid early.

The funds will be put toward “doubling down’s growth and accelerating the development of new features on its product roadmap, CEO Dary Tuer says.

Nevada enacted a law requiring early wage access providers to be audited and examined by the state.

Missouri passed a law that requires EWA companies to register with the state, pay a $ 1,000 registration fee and retain payment records.

ZayZoon, which is one of the larger EWA startups with 102 employees, isn’t letting the increased scrutiny get in the way of expansion.