Beforepay

About

Beforepay is a financial-wellness app that provides earned-wage access, connects to users' bank accounts to track income and expenses, automates eligibility, and offers budgeting, bill-splitting, and repayment automation.

Mission

Beforepay provides an app that allows eligible customers to 'Cash Out' up to $2,000 of earned income in advance for a fixed 5% transaction fee. The product charges no interest, late fees, or other ongoing costs (e.g., a $300 cash out incurs a $15 fee for a $315 total repayment). The app connects to users' bank accounts, tracks income and expenses in real time, and automatically calculates eligibility when pay is deposited. Beyond cash advances, Beforepay offers budgeting tools and flexible repayment features that split bills and automate payments to help users avoid late fees. As of December 2022 the company reported more than 750,000 registered users and has raised over $30 million to date to develop and expand its platform. The company positions itself as a financial-wellness platform for people living paycheck-to-paycheck.

Quick Facts