Rosaly raises € 10 million to become the European leader in pay on demand

● A 2nd round of financing for Fintech that introduced the digitalization of on-demand salary in France, after the pre-seed one of € 1.5M in April 2021 …

•… led by Fin Capital, an American FinTech fund, backed by The Treasury VC, FJ Labs, Auxxo, LeFonds VC, Clocktower, Kraken Ventures, Audeo Ventures, Sie Ventures and Moving Capital.

● All of these VCs are convinced that pay-on-demand is one of the biggest fintech revolutions in the years to come.

● A 10 million euro fundraiser that will allow Rosaly to open several countries in Europe by the end of 2024 and to recruit.

● Rosaly’s ambition is to become the European leader in its market.

● Enables all employees to receive their pay on demand free of charge, based on their needs, and to gain purchasing power …

●… and human resources to have a simple and cost-effective process that saves time and retains its employees.

Digital at the service of employees’ purchasing power

Rosaly is an innovative Fintech B Corp with a social impact, founded at the end of 2019 by Arbia SMITI. Its mission is to help companies improve both the financial well-being of their employees and their employer brand thanks to a digital solution for the prepayment of salary, or salary on demand, accompanied by a financial education system.

The French pay 7 billion euros in bank charges every year and 95% of employees’ bank overdrafts are due to financial contingencies, Rosaly offers them a free opportunity to better manage their personal budget and acquire purchasing power, very much simply by its application.

With already 150 customers in France, Rosaly signed a partnership in June 2022 with 3 of the largest players in the employee benefits market in Europe: Sodexo Pass France, Groupe Up and the Bimpli platform, which manages employee benefits. BPCE Group. This agreement will improve the financial well-being of 33 million employees in Europe and North Africa through free and digitized access to prepayment.

And Rosaly’s solution is a partner of the ADP market, the world’s largest payroll publisher, as an official partner, offering businesses a centralized payroll deduction solution.

Salary-savvy investors on demand

This new round is led by Fin Capital, an American fund ($ 1.5 billion under management) that has invested in Dailypay, the first American unicorn to offer an on-demand salary solution in the United States.

This VC is followed by The Treasury VC (founded by the creators of the American fintech unicorns Acorns and Betterment), Haymaker (United States), FJ Labs (United States), Auxxo (DE), LeFonds VC (FR / US), Clocktower (United States United). ) and Kraken Ventures (UK).

The payroll deposit is already a mature concept in the United States, large companies such as Walmart, Starbucks, have been using it for many years with measurable results. England and South America have also been using it for a long time.

All of these investment funds are convinced that pay-on-demand is one of the biggest fintech revolutions in the years to come.

A market of 100 million employees

The payroll market is aimed at around 100 million employees in Europe. A rapidly growing sector in this period where everyone is in demand: employees looking for purchasing power and financial flexibility, and employers who need to both retain their employees and make sure the best people want to join them.

Practices are changing: in January 2022, an OpinionWay study for Rosaly revealed the desire of the French to receive their salary several times a month: thus, 57% of people under 35 would like to receive their salary every 15 days.

Become a European leader and expand its services

Very present in the sectors of retail trade, catering, hotels, personal services and industry in France, Rosaly aims through this fundraiser to:

● Become the European leader in the short term by opening several countries in Europe in the next 2 years (Italy, Belgium, Netherlands, Germany, etc.)
● Implement a complete product related to financial well-being with, in addition to the salary on demand, new financial products such as budget coaching, salary savings, cashback, credit card, etc.
● Strengthen its partnerships with the main market players such as ADP, Sodexo, Groupe BPCE, Groupe UP, etc .;
● Recruit a hundred profiles by the end of 2024.

Arbia Smiti, Founding President of Rosaly, declares: “With the cost of living rapidly increasing and the purchasing power of French and Europeans decreasing proportionally, Rosaly’s goal is to help all employees manage their budget in the best possible way. . This requires training but above all very simple digital tools, free to use and effective to better deal with the unexpected. We want to get the French out of excessive debt while helping companies to improve their employer brand and the well-being of theirs. employees. ”

Logan Allin, Managing Partner of Fin Capital who joins Rosaly’s Board of Directors: “We are very pleased to lead this new round of funding from Rosaly, to help provide the European workforce with digital access to salaries. , financial education and well-being. We have invested in DailyPay, the first player of this category in the United States, and we are convinced that Rosaly will become the leader in Europe. “.

Jeff Cruttenden, Managing Partner of The Treasury VC: “We are impressed by what Rosaly has been able to achieve in this new market in a very short time, and especially by its very ambitious vision to revolutionize payrolls and banks and potentially build the social bank for workers and employees in Europe. ”

About Rosalia:
Rosaly is an innovative Fintech with social impact, founded at the end of 2019 by Arbia SMITI, a serial technology entrepreneur, which helps companies improve the financial well-being of their employees by simplifying access to salaries and providing advice and budget education to employees. using an app. On the employee side, Rosaly allows them to face difficult end-of-months more calmly and avoid overdraft fees or consumer loans. From a commercial point of view, Rosaly has a strong positive impact on employer branding, loyalty and employee engagement and removes significant administrative costs in the ongoing management of internal installment requests. Rosaly raised € 1.5 million in April 2021 and € 10 million in September 2022.

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