(Budapest, Hungary, March 16, 2022) Swipe Technologies Kft., the company behind Budapest-based Fintech Salarify, today announced a Seed-stage investment of 1.2M EUR, led by HEWA Investment LLC, to fund Salarify’s initial expansion in the EURO zone and support its mission to deliver inclusive and accessible financial solutions for workers and employers .
Salarify is currently the leading provider of Earned Wage Access (EWA) and income verification in Hungary, leveraging its proprietary payroll and banking systems integrations to cover 40% of Hungarian workers and streamline their access to liquidity. With this investment, Swipe Technologies Kft. will begin to deliver its EWA offering and Salarify’s income verification solution, Verify, into selected EURO zone markets, leveraging and further developing its ecosystem of products and infrastructure for consumers and corporate clients.
HEWA Investment LLC. is a VC vehicle formed by a cohort of successful investors and fintech industry leaders, including Chris Ruppel (rapid! PayCard founder and GM of Wage and Corporate Disbursements at Green Dot) and Dan Henry (President & CEO at Green Dot).
'Swipe has incredible customers, products, and momentum in their home market of Hungary. We are extremely excited to provide growth capital for the expansion into other EURO zone countries to bring best in class financial products to consumers through their employers.'
Chris Ruppel said.
Bence Radak, Swipe’s CEO, said: “We are excited to be partnering with HEWA and its principals, who have a proven track record of supporting and scaling successful fintech solutions.”
Jared Schrieber, a serial entrepreneur and startup investor who was the co-founder and CEO of Numerator, is also participating in this investment round:
'The initial solutions Salarify developed have outstanding value propositions and a tremendous opportunity to scale throughout Europe and beyond. Meanwhile, the core of their technology will allow the team to add value across a range of solutions that rely on secure, reliable and cost-effective access to employee salaries and employment data. These two factors have me particularly excited to back Salarify at this early stage.'
Todd Baker, a consultant and researcher focused on Earned Wage Access and related technologies and the former head of corporate strategy and development at MUFG Americas, TD Bank N.A. and Washington Mutual, is also investing in this round. Baker said:
'Swipe’s Salarify products are revolutionizing the way employees access their pay in Hungary and the company is building income verification tools that will enable continued expansion and growth throughout the EURO zone. I am excited to support the company as it pursues its valuable mission.'
Additionally, Hiventures, member of the Hungarian MFB Group and leading Budapest based VC firm invested over €200,000 in this round.
Swipe Technologies Kft. was established in 2019 as one of the earliest EWA players in the region. Following product development and a number of successful deployments in Hungary, the team is taking its unique approach to payroll-based products to other parts of Europe.