Suki raises $70M to build out its AI voice assistant
The company will use the funding to broaden the scope of its AI, including new administrative tasks
Read more...According to a 2023 survey by Payroll.org, more than 75% of Americans live paycheck to paycheck, which is a 6% increase from the previous year. This means that more than three-quarters of Americans have difficulty saving or investing after paying for their monthly expenses. And that means that, if they have a big expense come up in between paydays, they might not be able to afford it.
That's the problem Rellevate solves: the digital banking and payment services company works with employers, offering an employee benefit in which they can access up to 50% of their earned wages between scheduled pay periods either through physical cards or digital payments.
Now the company will offer even more ways for employers to access their money through a newly announced partnership with Mastercard.
While details on how the two will work together are sparse at the moment, the two companies say they will, "work with local, city and state governments to create ways for their constituents to access and manage their money faster and more efficiently."
Founded in 2019, Rellevate's offerings include Digital Bank Accounts, Debit Cards, Earned Wage Access, Bill Pay, and Money Transfer. Its Digital Account allows employees to receive their wages directly into their Rellevate account, eliminating the need for paper checks, while also offering a no-fee way to send money and pay bills.
Rellevate and Mastercard had previously collaborated on the One-Time Cash Assistance Program in Georgia, a program in which Governor Brian P. Kemp dedicated more than $1 billion to the Department of Human Services to provide cash assistance of up to $350 for active enrollees of Medicaid, PeachCare for Kids, SNAP, and/or TANF.
“It is an honor to partner with Mastercard, and continue driving innovation throughout the public sector,” said Stewart A. Stockdale, Co-Founder, Chairman, and CEO.
“Beginning with the 1-billion-dollar One-Time Cash Assistance Program in Georgia, which supported 3 million Georgians and included one of the largest deployments of virtual wallets in a government program, Rellevate is ecstatic to continue innovating with Mastercard. This partnership will continue to yield innovation, financial inclusion, and digital technological education for consumers across the nation.”
(Image source: rellevate.com)
The company will use the funding to broaden the scope of its AI, including new administrative tasks
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