Hi55 Ventures begins Series A fundraising led by NTT DATA and Ventura
By Megha Bhattacharya
FinTech Hi55 Ventures announced that it has begun its Series A funding round with an aim to growth and expansion plans in Europe and the US. The funding round is backed by NTT DATA and technology investor Ventura Capital, who led the pre-Series A investment of Hi55 Ventures.
Mo El Husseiny, Founder and Managing Partner at Ventura Capital said, “We are pleased to be the first institutional investor in Hi55 Ventures as they launch their acclaimed product in the market. The Hi Pay Asset Finance model opens up a secure and parameterized alternative asset class for institutional investors and we are fully supportive of their mission to disrupt payroll while making life easier for employees all over the UK and Europe. Hi has a strong revenue model, ambitious sales plan and sophisticated payroll technology through their partnership with NTT Data.”
Hi55 Ventures has rolled out a new business finance type called Pay Asset Finance. Through this new asset class, Hi55 Ventures’ new platform, Hi, is reinventing pay to unlock working capital for companies and enable faster salary payments to employees.
David Brown, founder and CEO of Hi55 Ventures said, “Hi has created a revolutionary new asset class, Pay Asset Finance, that delivers liquidity to employers and gives employees access to their money as they earn it.
We are challenging the paradigm that it’s ok for employees to work for 30 days without being paid for the work they’ve done. It’s not. At the same time, we’ve created an unrivalled employee-benefit and laid the foundations for financial services providers to create a new range of products that will serve the needs of millions of people around the world as they win financial freedom from monthly pay.”
Recently, Hi55 Ventures announced that it has secured the backing of an investment firm for a pilot project aimed at providing workers of investment-grade companies with real-time access to their pay. The project is a trial in the development of Hi55 Ventures’ Pay Asset Finance, which enables businesses to generate working capital through payroll while offering real-time pay to employees.
David Brown continued, “We’re delighted to be working with partners who share our ambition to empower employees with an offer that has global reach and universal appeal. This Series A raise puts us in a strong position to deliver Pay Asset Finance and realise our mission to reinvent pay.”
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