Embedded earned wage access platform Reset raised $6 million in a seed funding round, according to a Monday (June 8) press release.
The round included participation from several of the credit unions and community banks that make up Reset’s customer base, the release said.
“These credit unions aren’t just writing a check,” Reset Co-Founder and CEO Matt Dicou said in the release. “They’re making a decision about where they want to take their members, their institutions, and the credit union industry. They see that Chime and other neobanks are successfully recruiting people away from credit unions today. Our credit union partners already have trusted member relationships. We give them what they need to remain the primary financial home.”
Reset plans to use the capital to invest in sales and implementation capacity, and boost product development and “deployments currently underway,” according to the release.
Reset’s offering embeds directly into credit unions’ and community banks’ technology stack, letting members access earned wages daily through cards issued by the financial institutions, per the release.
“The product is structured to grow direct deposit relationships,” the release said. “The more a member deposits with their institution, the more spending capacity they unlock. By using the latest card network technology, Reset helps credit unions generate premium credit interchange revenue on everyday spend, such as groceries, gas and utility bills.”
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Workers need faster access to their paychecks, according to the March edition of PYMNTS Intelligence’s Wage to Wallet Index.
Workers must cover bills due today, even though their paychecks don’t arrive until Friday. It’s a situation that’s especially tough for Labor Economy workers, or those working as warehouse associates, delivery drivers, caregivers, cooks and retail staff.
More than half of this group needed their money before it was available to cover an essential expense in the 90 days before being surveyed.
Although higher earners can cover these shortfalls with credit cards, labor workers “reach for a shorter, harder list,” PYMNTS reported March 20. This includes borrowing from family members, pawning possessions, picking up extra shifts or putting off a utility bill.
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