Wage advance fintech Earnin has started to shift their focus to employers in a bid to reach more consumers; companies like Earnin give consumers access to their paychecks early in exchange for a small fee; the company uses bank account data enabled by Plaid to make the short term loans; the service is aimed at helping the 75 percent of Americans who are said to live paycheck to paycheck by allowing them to use fund to cover bills while they wait for payroll; working with employers will allow Earnin to expand their product to a wider set of consumers and help the companies by allowing workers to spend less time worrying about finances; “There’s a lot of research at this point that 75% of American workers live paycheck to paycheck,” Ratesh Dhir, Head of B2B at Earnin, said to American Banker. “About half of them find it difficult to make household expenses, and this directly impacts your productivity at work. The average employee spends two to five hours a week dealing with their personal finances at work.” American Banker
