‘Earnings on demand’ fintech PayUp set to launch in UK
A new fintech that allows users to draw earnings from their paycheque throughout the month is set to launch in the UK.
The app allows users to access their salary as they earn
PayUp is an ‘earnings on demand’ app that will be available to any eligible full-time worker in the UK, without the need for their employer, or their employer’s finance and HR team, to be involved.
After verifying identity and salary, workers have access to their salary throughout the month. The money is drawn from PayUp, not the employer.
On payday, PayUp automatically settles up the advance given to the user.
Users can get paid daily or hourly or choose to have the money stream into their PayUp account, which can then be spent on a PayUp card instantly.
App users can also create a daily budget based on their earnings and people can put money towards bills and goals in real time.
If there is money left over to allocate, PayUp will automatically let the user know and recommend saving.
The waitlist is currently open for signups. No official launch date has been announced.
PayUp founder and CEO Alex Hooper says the waitlist has already seen several hundred signups and the company is progressing towards launching a minimum viable product following additional customer research.
