January 23, 2023, AUSTIN, Texas — The USD 4.25 million seed investment from Next Coast Ventures and Tuesday Capital will hasten the development of Grazzy’s same-day pay, inclusive banking capabilities, and digital tipping. The platform for employee payments of the future is called Grazzy. Grazzy has already collected USD 6.8MM in total Seed investment after the Seed round came to a close.
Grazzy helps hotels, bars, restaurants, hair salons, and other companies by increasing wages, giving quick access to same-day revenues, and providing hourly workers with more comprehensive financial wellness. By putting employee happiness at the centre of the experience, Grazzy creates happier employees who stay in their jobs longer and provide better guest experiences.
Today, many of the biggest and most liked hotel brands in the world use the Grazzy platform to provide their team members access to digital tips, same-day payments, and real-time compliments. These clients may enable digital tipping using Grazzy at no cost and with the lowest prices available.
This most recent cash injection will speed up expansion across significant hotel brands and operating groups, restaurant chains, and salons searching for cutting-edge methods to enhance the employee experience while cutting costs. Additionally, this financing will help maintain the smooth connections between the Grazzy platform and the critical software programs (PMS, HMA, and POS) used by most hospitality and service companies.
“Over USD 100 billion is spent annually by US corporations on voluntary hourly labor turnover, the majority of which is due to financial considerations. We can lessen turnover and enhance lives by taking care of those employees’ financial wellbeing, “says Russell Lemmer, CEO and founder of Grazzy. “We know that cash shortages have resulted in significantly lower earnings for service sector workers who rely on tips to augment their hourly income, even while hourly pay rates have increased. We’re here to change that. These people can earn more money, utilize it the same day, and save and spend it more wisely thanks to our digital, employee-focused platform.”
“A digital solution that benefits the lives of hourly employees in the hotel sector is clearly needed in the market. Grazzy stands out from the competition due to its capacity to meet the varied demands of the business. Grazzy is now the most potent competitor in the market thanks to the product, and the team’s demonstrated capacity for delivering at scale, “says Thomas Ball, Next Coast Ventures’ managing partner, and co-founder.
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