Working capital financing provider Greensill has paid an undisclosed sum to acquire Earnd, an Australia-based advance wages service backed by financial services firm National Australia Bank (NAB).
Founded in 2018, Earnd provides employers with a software-based service that lets employees access wages they have already earned rather than having to wait for payday. It is currently used by more than 100,000 employees.
Greensill expects the move to extend its working capital business into workforce provision having already acquired a UK-based startup, FreeUp, in the same space. Earnd will operate as Greensill’s brand in Australia and the Asia-Pacific region.
NAB’s strategic investment arm, NAB Ventures, took part in a $1.8m round for the startup in March 2019 alongside angel investors including Alvin Singha, Bosco Tan and John Banfield, according to media reports.