Approximately half the US population lives paycheck to paycheck and through the 12 months they often times come to an end of cash between these paychecks. The CEO and Founder of PayActiv covers attained wage access and just why it may be therefore ideal for the individuals paycheck that is living paycheck Approximately half the US population lives paycheck to paycheck and through the entire 12 months they frequently go out of cash between these paychecks. Therefore, they turn to payday advances or overdrafts and frequently spend late fees as well. This costs this population hundreds as well as thousands each year. There was a much better solution that is just starting to gain traction, it's called attained wage access. Our next visitor in the Lend Academy Podcast is Safwan Shah, CEO and Founder of PayActiv. He's for a objective to simply help this populace obtain access to the funds these have attained. just just How PayActiv has exploded with time. Exactly exactly exactly How their wage that is earned access works. The guardrails they set up to make certain their item is employed responsibly. Characteristics associated with the typical individual of PayActiv. The pushback they many often get from companies. This bout of the Lend Academy Podcast is sponsored by LendIt Fintech United States Of America 2020, the world\u0432\u0402\u2122s largest fintech event focused on lending and electronic banking. Thank you for visiting the Lend Academy Podcast, Episode No. 214, this might be your host, Peter Renton, Founder of Lend Academy and Co-Founder for the LendIt Fintech Conference. Today\u0432\u0402\u2122s episode is sponsored by LendIt Fintech United States Of America, the world\u0432\u0402\u2122s biggest fintech event focused on financing and banking that is digital. It is occurring on May 13th and 14th, 2020, at the Javits Center in ny. Lending and banking are converging and LendIt Fintech immerses you within the most crucial styles regarding the time. Meet up with the social those who matter, study on professionals and acquire company done. LendIt Fintech, financing and banking linked. Head to lendit.com\/usa to register. Peter Renton: Today from the show, I\u0432\u0402\u2122m delighted to welcome Safwan Shah, he could be the CEO and creator of PayActiv. Now PayActiv, i do believe, are an extremely company that is interesting these are typically a mission-driven business therefore we enter their objective in certain level into the show, but fundamentally just just just what it is exactly about is obtained wage access. This is how employees will get usage of the cash, the earnings these have made. PayActiv features system, it works with companies to allow that, to create that take place. Safwan speaks concerning the very very very early times of the organization, just how hard it absolutely was to sorts of get traction and just why it is instantly learning to be a hot subject. We additionally speak about the regulatory initiatives we also look at the many other services they\u0432\u0402\u2122re offering to really providing a full suite of products to encourage financial wellness that they have taken and how the regulators feel about this and. It had been a fascinating meeting, i really hope you prefer the show, Thank you for visiting the podcast, Safwan! Safwan Shah: many thanks, many thanks, Peter, for welcoming me personally. Peter: My pleasure. Therefore, i love to get these things began by beginning on history and kind of chatting a small bit about|bit that is little} everything you\u0432\u0402\u2122ve done in to date just before started PayActiv. Safwan: similar to professions that are payday loans with debit card Blue Ridge GA far more than 20 years long, you will find a complete lot of things you have done, but i shall specify\/highlight two things. Prior to PayActiv, we wasn\u0432\u0402\u2122t doing anything, I\u0432\u0402\u2122d taken some time down after the purchase of my past payments and fintech business called Infonox. By training, I\u0432\u0402\u2122m an engineer, repayments specialist by experience, held it's place in fintech since 1999\/2000, very nearly twenty years. By training, my Ph.D. had been in aerospace engineering and I also shouldn\u0432\u0402\u2122t be judged on that (Peter laughs), my masters was at computer engineering and my undergrad was in electric engineering, a reflection for the confusion at that phase of my entire life. That\u0432\u0402\u2122s a summary of my background, I\u0432\u0402\u2122m an engineer by training, fundamentally.