Hi55 Ventures partners with Mastercard to roll out salary access card

By Megha Bhattacharya

FinTech Hi55 Ventures today partnered with Mastercard to roll out a salary access card for enabling people to access their pay as soon as they have earned it. The card gives employees direct access to money they’ve earned in real-time, with a limit in line with their earnings. The card, issued by Railsbank – the leading global Banking-as-a-Service (BaaS) platform, is available to employees of companies who have signed up to Hi55 Ventures’ innovative platform, Hi.

David Brown, founder and CEO of Hi55 Ventures said, “Hi’s partnership with Mastercard represents a step-change in our mission to reinvent pay and make the world financially stronger. Mastercard joins a coalition of partners, which includes NTT DATA, whose global reach and expertise will turbo-charge the delivery of Hi and enable companies around the world to unlock fast, affordable working capital and pay employees more flexibly.”

“With the easy-to-use card, managed through the Hi app, employees can more easily see and access their salary anytime they’ve earned. This represents a radical change to how we get paid. This not only helps employees with better budgeting or meeting unexpected shortfalls, it also helps companies to secure the financial health and wellbeing of their workforce.”

Recently, 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.

Kelly Devine, Divisional President, Mastercard UK & Ireland commented, “For many people being able to access their salary as they earn it is a lifeline, and we are delighted to be working with Hi to make that a reality for those who need it.”

Nigel Verdon, CEO and co-founder of Railsbank, added, “We’re thrilled to support Hi and provide our leading expertise in global BaaS and Embedded Finance, and help bring this product to market. We look forward to working closely with Hi in the coming months.”