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Exclusive: Earned wage access startup Reset raises $2.3M

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Feb 29, 2024
Illustration of a phone dispensing money.

Illustration: Annelise Capossela/Axios

Reset, an employer-agnostic earned wage access platform, raised $2.3 million in seed funding led by Precursor Ventures, the company tells Axios exclusively.

Why it matters: Reset enables gig and hourly workers to tap their wages early without needing their employer to offer it as a benefit.

How it works: Its mobile app and Visa card afford users anytime access to earned wages while providing a holistic view of their overall finances.

  • By connecting to workers' bank accounts and payroll providers, the platform can show their available account balances as well as any accrued net earnings.
  • The app also considers recurring expenses and upcoming bills while creating a dynamic "safe-to-spend" limit based on inflows and outflows.

Between the lines: Unlike many other earned wage access platforms, Reset is not dependent on employer adoption to function.

  • "One of the tricky things with employer-based solutions is that if you change jobs, they offboard you as a customer. With us, you can change jobs," Reset CEO Matt Dicou says.
  • By being employer-agnostic, the app will also be able to support users who work multiple jobs or have multiple income streams in a future release.

What's next: Reset is mostly direct-to-consumer today, but Dicou sees partnerships with financial institutions as an important part of its growth and distribution strategy.

Behind the scenes: Reset leveraged several partners and third-party vendors to build its platform.

  • The company is part of Visa's Fintech Fast Track Program, and Visa powers its card.
  • It partnered with Stearns Bank for its card and banking program, which is facilitated by Banking as a Service provider Synctera.
  • Reset relies on Plaid to connect with user bank accounts and Pinwheel for connectivity to payroll providers.

Zoom in: J4 Ventures, Moai Capital, Endurance Cos. and Pear VC also participated in the round.

  • Angel investors include DoorDash co-founder Evan Moore and Esusu founders Wemimo Abbey and Samir Goel.

Editor's note: This story has been updated to say Precursor Ventures led the round.

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