FlexWage Solutions Secures $3.5 Million Growth Funding
FlexWage Closes Growth Funding Round, Poised to Accelerate Market Penetration of WageBank which Eliminates the Need for High Cost Short-Term Lending
MOUNTAINSIDE, N.J., August 4, 2014-- FlexWage® Solutions, a New Jersey based provider of responsible short term capital solutions and a Payroll Card innovator, announced that it has secured $3.5 Million in growth funding.
Funding was provided by several investment firms and high net-worth financial technology executives. “FlexWage has developed and launched a truly disruptive solution to the massive short-term lending issue faced by millions of workers” said Mario Cibelli of Marathon Partners Equity Management. “The alternative financial services sector represents a huge market opportunity, and we believe FlexWage can efficiently address a large portion of the market.”
“FlexWage represents a very unique opportunity to build an enormous enterprise, while providing a service that helps the people who most need financial relief. The social value WageBank® delivers fits precisely with our mantra, “Good Heart-Work Smart”. We believe that sustainable business models that solve massive social challenges are the most impactful” stated Stephen Schuler of Serenity Investments.
“The proceeds will be utilized to accelerate market penetration and revenue growth” according to Frank Dombroski, FlexWage Founder and CEO. “We are delighted to add additional industry experts to our investor and advisory roster. Their insight and guidance are proving to be invaluable.”
FlexWage was recognized as #256 on the Inc. 500 list of fastest growing private companies in 2013. FlexWage offers WageBank as a turnkey solution when paired with its payroll card product. WageBank is offered as a product enhancement in partnership with payroll processing platforms, payroll card providers, and relevant benefit solution providers.
About FlexWage Solutions
FlexWage Solutions LLC is a next generation payments company dedicated to providing financial empowerment to employers and employees via its patented WageBank solution. FlexWage offers the industry’s only solution that provides employees reasonable access to earned wages in advance of their scheduled payday. Through its products, FlexWage helps improve quality of life for employees, employee productivity and minimizes expense and environmental impact by reducing paper-based payroll delivery. The company is headquartered in Mountainside, NJ. For more information on FlexWage Solutions, please visit FlexWage.com, on https://www.facebook.com/FlexWage, or follow us on Twitter at twitter.com/flexwage.
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