Advantage Club forays into the FinTech space with early salary feature
By Leandra Monteiro
Advantage Club, an Employee Engagement platform in Southeast Asia, has made its foray into financial services with the launch of an early salary access feature that will let professionals and employees take a portion of their salaries before their payday to help them if they are caught short. The feature is integrated with the Advantage club platform and presently is only available in India.
The company’s vision is to serve employees from over 100 corporates within 3 months with early access to salaries and nearly 400+ corporates in the next 5 months. The company aims to create the largest employee-centric financial wellness platform in the country. Through its Financial Wellness Offerings, it has set out to help employees create a financial cushion in times of need.
“Advantage Club over the years has acquired actionable insights on the pain points of employees, their credit needs and how the COVID-19 crisis has exacerbated that need. These insights led us to devise an early salary solution that could address the situation and help employees in our partner companies get access to alternative digital finance for free or at nominal fees compared to current industry standards,” said Sourabh Deorah, CEO and Co-Founder at Advantage Club.
The early salary feature can be accessed through the already existing digital infrastructure of Advantage club and won’t disrupt cash flows for partner companies. Neither will it add any extra costs to HR; instead, the early salary feature in sync with the employee engagement platform will lead to a more committed workforce. Thus, increasing satisfaction, productivity, and retention.
“Post demonetisation, the Fintech industry in India has grown leaps and bounds, and we are very excited to enter the industry at this crucial stage when it is at an inflexion point. Despite the recent growth, the Indian financial wellness market is still untapped and ripe for disruption. The early salary product is just the beginning; we have a range of pioneering digital financial services in the pipeline that have the potential to transform the fintech landscape.” Deorah added.
Launched in 2016, Advantage Club runs a corporate discount platform & an end-to-end reward and recognition solution. The company recently announced its foray in 70+ countries, including the Philippines, Malaysia, Vietnam, Indonesia, Egypt, USA, UK and others.
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