Senior Visa executive will lead Payactiv finance as market demand for earned-wage access and financial-empowerment solutions heats up
Payactiv, Inc., a leading provider of financial-empowerment services for wage earners, hired veteran financial-services executive Sridhar Ande as chief financial officer to execute on a new phase of its accelerated growth.
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- As CFO, Ande will oversee Payactiv’s financial strategies, planning, treasury, accounting, and tax and investor relations as the company continues to expand its business.
- Ande has nearly 15 years experience in the payments industry and consumer financial services with a specialization in FP&A, strategic planning, investment optimization and behavior analytics.
- Ande worked nearly a decade at Visa, most recently as Vice President and Head of Corporate FP&A, where he oversaw the company’s annual budgeting, forecasting, and earnings reporting. He also set the operating goals for regions and business units at a time when Visa consistently posted annual double-digit revenue and high-teens earnings growth while ranking among Fortune’s Top 50 Most Admired Companies.
- Prior, he was AVP at HBSC in the Card & Retail Services. He received his MBA from the Kelley School of Business at Indiana University and a BE from Osmania University.
- Payactiv Founder and CEO Safwan Shah said, “Sridhar brings a powerful combination of deep FinTech knowledge, brilliance, and industry experience to Payactiv as we scale our business. He joins a world-class leadership team committed to helping workers live the life they’ve earned.”
- Payactiv CFO Sridhar Ande said, “The Covid pandemic showed us how essential the ‘essential workers’ are to keep the economy going. Joining Payactiv, which originally created Earned Wage Access, and its leadership team provides me the opportunity to address the financial needs of these millions of essential workers, help them avoid debt traps, and live with dignity. Payactiv is at an inflection point with incredible growth opportunities and I’m looking forward to helping realize that potential.”
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The Big Picture
- Payactiv creates products that empower more people to participate in the economy they helped create. It is a Certified B Corp and Public Benefit Corporation committed to improving the financial stability and livelihood of the paycheck-to-paycheck worker.
- Payactiv is the 2021 double winner of American Business Awards for “Financial Company of the Year” and “Corporate Social Responsibility Program of the Year.” It also won the 2021 “Best For The World™” B Corp for Excellence Beyond Profit, ranking it in the Top 5% of all B Corps worldwide.
- Payactiv invented Earned Wage Access (EWA), a financial service that enables workers to access on demand their accumulated wages between paydays. It is not a loan. In less than a decade, EWA as a category has become one of the most popular benefits programs in corporate America, and it is used by tens of thousands of businesses daily.
- In 2020, U.S workers accessed early $9.5 billion of their earned wages, up 200 percent in three years (Aite Group).
- Payactiv also delivers a full suite of financial-empowerment tools designed to holistically support people’s financial wellness. Available to everyone, these tools include early pay and direct deposit services, spending management, exclusive marketplace discounts, integrated bill pay, savings and budgeting tools, and a dynamic team communications tool. Payactiv supports more than 1,500 businesses.
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