PayLik introduces an innovative solution that enables employees to instantly access a portion of their salaries through a prepaid card bearing the same name.
UM6P Ventures, the venture capital arm of the Mohammed VI Polytechnic University (UM6P) based in Casablanca, has announced a strategic investment in PayLik, a fintech startup poised to transform salary access in the workplace.
PayLik introduces an innovative solution that enables employees to instantly access a portion of their salaries through a prepaid card bearing the same name.
This forward-looking approach aims to reshape the conventional salary payment model, granting employees the ability to access their earnings multiple times a month, thereby alleviating the financial strain often associated with the standard 30-day pay cycle.
The initiative not only empowers employees to manage their finances more efficiently but also supports HR departments in their endeavors to enhance employee well-being, according to a statement from UM6P Ventures.
Presently, PayLik boasts a user base of 3,000 employees, drawing interest from prominent companies spanning diverse sectors including agriculture, automotive, catering, and tourism.
In a strategic move, PayLik is preparing to broaden its services, aspiring to become an all-encompassing financial platform. This expansion will encompass the introduction of technology-driven financial services, options for loans, budget guidance, salary savings, bill payments, and more.
Yassine Laghzioui, General Manager of UM6P Ventures, expressed the fund’s dedication to propelling the growth of PayLik and acknowledged its potential to drive transformation within the fintech sector. He emphasized that this investment aligns with their strategic focus on fintech, recognized for its substantial growth and return potential.
Laghzioui stated, “Thanks to our robust partner ecosystem, UM6P Ventures is strategically positioned to catalyze Paylik’s growth trajectory. This investment will act as a lever, allowing Paylik to refine their product and create effective synergies with key players in the financial sector.”
Founder of PayLik, Othmane Bennani Smires, conveyed his excitement in welcoming UM6P Ventures as a partner. He outlined the allocation of raised funds to expand their team, fortify technological infrastructure, and bolster rapid expansion.
Smires emphasized that PayLik addresses a genuine issue surrounding the timing of salary disbursement. He noted, “Employees struggle to manage their budgets over such a long period. PayLik provides employees with financially smoother month-ends while making it easier for HR departments to manage.”
He concluded on an optimistic note, anticipating that UM6P Ventures’ extensive network throughout Africa and strong ties within the startup community will continually enhance their efforts.
With this strategic investment, UM6P Ventures and PayLik are poised to collaboratively drive innovation in the fintech sector, setting new standards in salary access and financial management within the workplace.