Fintech Friday: Rosaly – helping Europeans get paid early
Arbia Smiti is the founder of ROSALY and she spoke with Efma’s Boris Plantier about her startup that is giving employees the chance to be paid early, alleviating the anxiety that often arrives at the end of the month.
What led to the creation of Rosaly?
After having built and sold my last company, which was an international marketplace for emerging designers, I wanted to build an ambitious new product/business with impact.
I noticed that in Europe, employees often only get paid at the end of the month and 60% of them live from paycheck to paycheck. As a result, people often have to resort to expensive overdraft fees or payday loans in order to pay their bills.
On the other hand, a little-known employment law that I discovered at my company was that in France, companies are required to provide employees with the ability to get a payroll advance on the 15th of each month for free. However, employees often don’t use it because the process to make the request to HR is completely manual and takes many days and employers struggle in handling this process manually and individually. That is why I decided to create a simple tech tool that provides the cash advances on simple request instantly and digitize the process for employers end-to-end with zero cost on their cash flows.
Could you present Rosaly's offer?
It can be summed up in one line: Financial Education & Cash advances for employees.
Rosaly is an app that allows employees to get paid whenever they want with just a small fee, backed by the wages they have already earned. We provide this service through employers, who provide this as a benefit that helps improve employee retention and financial wellbeing.
Rosaly offers employees simple savings and access to their salary as it is earned - all underpinned by accessible, engaging financial education.
By helping employees manage debt, build a savings habit, and access earned pay, we are aiming to create a more accessible alternative to traditional financial services providers.
What's coming next for Rosaly?
Rosaly is on a mission to help millions of people across the globe live happier, healthier financial lives.
We received the important B-corp Label and we want to onboard a million employees by 2023 before expanding to similar European markets like Spain and Italy.