Overview
I joined foundU as Product Owner to develop a new product disrupting the predatory "Buy Now, Pay Later" (BNPL) market. The product integrates with foundU's payroll engine to calculate employees' real-time earnings. Through the Wageflo app, employees can withdraw their wages as they earn them.
Innovation
We designed a new business model that holds a capital float and integrates with the NPP (new payments platform) through a "PayAPI" for open banking. This enables employees to withdraw their earnings instantly, with transfers and deductions happening in real-time.
Wages on demand
Gig workers operate micro-businesses and face daily expenses, making immediate access to their earnings essential. By elevating your casual/gig worker payroll system, you can attract top talent by offering instant wage payments after every shift—available 24/7, 365 days a year.
Designing systems that scale
Through innovation across multiple payment types and channels, foundU's integration with Zepto created a seamless path to future payment systems. This enabled foundU to scale rapidly without concerns about payment processing keeping up with demand.
Outcomes
With limited users, the alpha release saw over $2.5M withdrawn in just 3 months—proving the concept's viability for further iteration and funding. Subsequent iterations optimized withdrawal costs, assessed employee impact, and developed ways to enhance users' financial literacy. Today, Wageflo stands as one of foundU's core product offerings, enabling employees to access their earned wages ahead of traditional paydays.
Contact
Want to view more of this project? Feel free to reach out to hello@mattmc.me