Hi55 aims to revolution payday processes by giving employees weekly and daily access to their wages
Hi55 Ventures, a venture by Scottish Fintech entrepreneur David Brown launched Hi, a digital payroll system. Hi was developed in partnership with NTT Data, a global IT services provider.
Brown was CEO and founder of payments company Oxygen Finance. He also founded and held the position of chief product officer at Previse,a digital financial services company. He left Previse in 2019, co-founding payroll company Violet.ONE and, in June 2020, started Hi55 Ventures.
The new platform helps provide creditworthy companies access to working capital based on their payroll. Lenders can see its value and lend against it without adding debt to the current balance sheet of the business.
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The platform launches at a time when there is significant pressure on companies to ensure they have enough capital to meet operational needs, of which payroll is usually a major expense. Besides making the process of paying employees more accurate and efficient, the system lets employees access their earned money on a weekly or daily basis. The system allows employees to see what they earn and facilitates employee and employer collaboration while enabling other important facets like employer approval of an employee’s time. The technology integrates seamlessly with a businesses existing payroll systems and helps standardize pay errors or time taken to pay. The payroll system can also be used as an employee benefit or employee retention scheme.
David Brown was quoted as saying, “their aim is to make payday obsolete and simply become a settlement system to monies owed and due to the individual employee, making pay itself become the new form of secured credit.”