Activehours announced it has raised $39 million in financing led by Andreessen Horowitz. Matrix Partners, Ribbit Capital, and March Capital Partners also participated.
Activehours, which was founded by Ram Palaniappan in 2012, developed a smartphone-based application that enables hourly workers to get paid quickly when they need it. It works on both Android and iOS smartphones and is recommended for hourly employees with electronic timecard systems at work and direct deposit. Activehours helps its users to avoid overdraft fees and high-interest payday loans.
According to the company, with this latest investment round, Activehours is looking significantly to expand its team and further improve the product.