The company also allows its employees to send money and pay bills free of charge.
According to a 2023 Payroll.org survey, more than 75% of Americans live paycheck to paycheck, up 6% from last year. That means more than three-quarters of Americans struggle to save or invest after paying their monthly expenses. And that means they may not be able to afford big expenses between paydays.
Rellevate solves this problem: The digital banking and payment services company partners with employers and offers its employees a benefit where they can access up to 50% of their earned wages between scheduled pay periods, either through physical cards or digital payments.
Through a newly announced partnership with Mastercard, the company now offers employers even more ways to access their money.
While there are currently few details on the exact collaboration, the two companies say they will “work with local, city and state authorities to create ways for their citizens to access and manage their money more quickly and efficiently.”
Founded in 2019, Rellevate offers digital bank accounts, debit cards, access to earned wages, bill payments and money transfers. The digital account allows employees to receive their wages directly into their Rellevate account, eliminating the need for paper checks, and allows them to send money and pay bills for free.
Rellevate and Mastercard previously collaborated on Georgia’s One-Time Cash Assistance Program, a program in which Governor Brian P. Kemp provided more than $1 billion to the Department of Human Services to provide cash assistance of up to $350 to active Medicaid, PeachCare for Kids, SNAP and/or TANF enrollees.
“It is an honor to partner with Mastercard and continue to drive innovation across the public sector,” said Stewart A. Stockdale, co-founder, chairman and CEO.
“Starting with Georgia’s $1 billion one-time cash assistance program that supported 3 million Georgians and included one of the largest deployments of virtual wallets in a government program, Rellevate is excited to continue to innovate alongside Mastercard. This partnership will continue to generate innovation, financial inclusion and digital technology education for consumers across the country.”
(Image source: rellevate.com)
