SAN DIEGO, CA--(Marketwired - Mar 25, 2014) - Global Analytics Holdings, Inc., the makers of the Zebit underwriting and payments platform for the underbanked, announced today that it has acquired workpays.me, an online marketplace that enables employees to pay for purchases over 12 months via direct or payroll deductions with 0% interest and no fees.
Founded by Josh Verne, Jon Dorfman and Paul Dumas, workpays.me is a benefit available through employers, offering an online catalog of over 20,000 brand name items such as computers / electronics, furniture, home goods, accessories and fitness at market prices. Its growing base of several million customers can choose from a variety of payment options, all done via direct or payroll deduction.
"This transaction strengthens our commitment to offering our customers the most affordable way to finance purchases," said Michael Thiemann, CEO of Global Analytics. "workpays.me's focus on financial wellness aligns perfectly with our culture."
"workpays.me's expertise in procurement, logistics and merchandising together with Global Analytics' experience in lending, payments and underwriting makes for a powerful combination," said Global Analytics advisor and co-founder of Capital One Financial Services Nigel Morris. "Providing a way for consumers with poor access to credit to buy products at standard market prices with 0% over 12 months is a true breakthrough. A win-win for both the employee and employer."
Because of the high risk of financing underbanked customers, typical interest rates available to them are high and product prices inflated.
"Not only are we able to offer customers prices comparable to what they would see online or at a big box retailer," said Josh Verne, CEO of workpays.me. "We are laser-focused on perfecting customer service, ensuring that we deliver best-in-class service. We know that if customers have a great experience with us, they're going to come back."
"When I founded this company, I was looking for ways to use analytics to have a positive impact on people's lives," added Global Analytics President and Chief Analytics Officer Krishna Gopinathan. "This is a perfect application for our Zebit platform -- using our Deep Learning analytic capabilities to ensure we can provide zero cost financing to as many customers as possible."
"workpays.me is an incredible benefit to offer to employees at no cost to the employer," said Scott McGurk, National Enterprise Manager at Paychex, Inc. "Benefits managers should take note of this program because increasingly, financial responsibility will become a key component of employee wellness and care. We love being able to help our employees make the most of their hard-earned money, and employees will appreciate that purchases are interest- and fee-free. As a bonus, most products are shipped free."
"We're excited about this partnership," said workpays.me advisor and former President of Visa Hans Morris. "I'm really proud of what the team has accomplished, and having the financial backing of an established company like Global Analytics is going to give workpays.me the fuel it needs to scale quickly."
Global Analytics has raised a total of $95 million, including a $30 million term credit facility in 2013 and $65 million in equity and debt financing since 2009.
About Global Analytics
Global Analytics is an international technology company applying advanced analytics to financing solutions for the underbanked. The founding team developed the fraud protection system protecting over 2 billion credit cards worldwide. The company has been honored as one of Red Herring's Top 100 Tech Startups and as a nominee in the Best Prepaid Awards in the UK for innovation. The company is based in San Diego and has over 400 employees worldwide, including key business operations in the United Kingdom and India. For further information, visit www.global-analytics.com.
Headquartered in Philadelphia, workpays.me is an e-commerce platform that promotes financial wellness and enables individuals to make necessary life purchases through hassle-free direct deductions. Individuals have the opportunity to purchase thousands of name-brand products & services with the flexibility to pay over time through direct or payroll deductions. For more information, visit www.workpays.me.
Paychex, Inc. (NASDAQ: PAYX) is a leading provider of payroll, human resource, and benefits outsourcing solutions for small- to medium-sized businesses. The company offers comprehensive payroll services, including payroll processing, payroll tax administration, and employee pay services, including direct deposit, check signing, and Readychex®. Human resource services include 401(k) plan recordkeeping, section 125 plans, a professional employer organization, time and attendance solutions, and other administrative services for business. A variety of business insurance products, including group health and workers' compensation, are made available through Paychex Insurance Agency, Inc. Paychex was founded in 1971. With headquarters in Rochester, New York, the company has more than 100 offices serving approximately 570,000 payroll clients as of May 31, 2013. For more information about Paychex and our products, visit www.paychex.com.