Houston fintech startup Pronto Pay launches with new financing
Jeff Price, founder and CEO of Pronto Pay, said the company aims to be an alternative to payday lenders and other predatory lenders for hourly workers needing faster access to their wages.
"What we want to do is enable financial freedom and facilitate financial literacy to folks that have too long been subject to these predatory and usurious type of payday lenders," Price said.
Currently, when Pronto Pay partners with a new employers, it gives its software platform away for free, Price said. Pronto Pay then plugs into its customer's time and attendance software to have a record of how many hours an employee has worked and how much money they've accrued. Then, if employees want to use Pronto Pay's services to access a portion of their accrued wages, Pronto Pay sends the money and the employee pays a minimal transaction fee.