Salarium Fintech launched the first payday advance and financial education platform in Romania
Salarium Fintech Company has completed the development phase of its app, now available on Google Play and AppStore, becoming the first payday advance payment and financial education platform in Romania.
With the help of the Salarium mobile app, employees of Romanian companies can apply for salary advances, free of charge and interest. Salarium can be integrated with any payroll solution, and for money transfers, it will use Mastercard MoneySend and Visa Direct technology.
“Salarium was born in response to the needs and difficulties created by the current economic context, which puts pressure on employees ‘finances and accentuates employers’ desire to better motivate and help employees. We want to become a success story in the FinTech industry in the next five years, have a positive impact on the lives of staff and be able to improve the employee-employer relationship in the long term. said Alina Ştefan, CEO of Salarium Fintech
After an initial investment of 1 million lei, over a period of 6 months, the company focused on the technical development of the platform. 36 specialists with experience in projects in the financial and banking industry worked on this project. The company estimates that it will grant salary advances of 400,000 euros in the first year of operation and aims to register at least 6,000 employees in the platform. In addition, by the end of the year, the platform will integrate with the aim of automating processes, with at least two payroll companies.
Traditional payment cycles can influence the financial well-being of employees, and 70% of them run out of money from salary to salary. Salarium responds to a current need in the labor market and helps employees instantly receive an advance on their pay instead of waiting for the traditional payday. With easy access to a payday advance, employees can avoid non-payment penalties for bills or rates and avoid high interest loans, such as those charged by payday loans.
Salarium targets mid-sized businesses and businesses in Romania, positioning itself as an additional salary benefit designed to give employees the ability to easily access advanced and free financial education. Employers can democratize payday with a strong impact on employee lives and without interfering with internal processes or monthly cash flow. This will be possible by integrating the app with payroll solutions that currently provide payroll services for businesses in Romania.
The main attributes of the application are simplicity, speed and security, the platform being built on the principle of security by design. The solution was created to be safe from the start, and this aspect remains a priority for the Salarium development team, the management of salary advances being treated with the utmost importance at all times.