back Back

Orka secures €33.5 mn from Sonovate, British Business Bank Future Fund

By Megha Bhattacharya

February 22, 2021

Share

Manchester-based startup Orka today announced that it has secured €33.5 million from Sonovate, the British Business Bank Future Fund as well as from existing investors including former UK CEO of Adecco Peter Searle. The company will use the funding to drive further UK expansion, double headcount to 50 in 2021, and fuel the rapid growth of its earned wage access product Orka Pay.

Tom Pickersgill, co-founder and CEO of Orka, said, “Four years ago we set out to transform the experience of hourly paid workers, who make up 85% of the global workforce. What we’re doing is unique in this sector, and thanks to this funding, we’ll be able to reach many more businesses and their employees in the coming year – and improve the service that we can offer them.”

“The worker landscape has changed dramatically over the past decade. More people are looking for work that fits around their life and want the entire process to be less onerous. Our success since launching proves that there is real appetite amongst businesses and employees for an innovative alternative to the traditional recruitment, onboarding and payment model, saving both time and money.”

Orka Pay enables shift workers at partner organisations to withdraw up to 50% of their wages as soon as they have earned them, providing an alternative to high-interest loans and credit card debt. This year, the company will launch its third core product, Orka Check, to improve the process for worker background checks.

Peter Searle, existing investor and former CEO of Adecco, said, “Having followed Orka’s journey closely for a few years now, it’s clear that this is a company truly shifting the dial up when it comes to temporary work. They have rightly identified an important gap in the market, as more people seek out flexible employment that fits around their lifestyle, and they have unquestionably established themselves as a leader in worker tech. I’m very excited to be supporting them as they enter their next stage of growth.”

Previous Article

February 22, 2021

FinTech Earnix joins the unicorn club with $75m investment

Read More
Next Article

February 22, 2021

TIS appoints Chris Calhoun as CEO, Americas

Read More






IBSi Daily News Analysis

Data privacy

July 16, 2024

Rise in sophisticated attacks, state-level threats, and increased ransom DDoS Incidents

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

July 16, 2024

TISA goes live with Oracle’s core banking system, Flexcube 14.7

Read More

July 16, 2024

Thinslices partners with SaaScada

Read More

July 15, 2024

Thought Machine and Quantifeed partner to modernize banking

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2024