Earnd provides a debt-free way to make ends meet, in real-time

Since launching on the NPP in September 2019, more than 50,000 people are able to access Earnd to make ends meet instead of having to turn to debt. Earnd is the only solution in Australia that enables employees to access up to 50 per cent of their pay in real-time, without being charged.

“We fundamentally believe that people have a right to access their pay. Using the NPP, users of the service can access their pay as soon as they finish a day’s work and at no cost to them. And because of the sheer volume of transactions that go through Earnd, the NPP is vital to maintain the high standards that we put into our product,” said General Manager of Earnd Australia Brad Joffe.

Australian businesses such as Hungry Jacks and the Australian arm of The Adecco Group have commenced offering the service to its employees. Earnd’s reach has also expanded internationally, following its acquisition by working capital finance provider Greensill.

This acquisition has enabled Earnd to enter the market in the United Kingdom where it uses the Faster Payments system to enable essential workers in the National Health Service (NHS) to access their salaries in real-time, which has proven vital during the current COVID-19 pandemic.

“We started this business with the core mission of supporting employees’ financial wellbeing in a measurable way, and without the NPP this would not be possible,” said Brad. “Core to our DNA is helping people access the cheapest and most transparent funds available to them; a safety net of their own accrued income that they do not pay to access, and as a result both Earnd and the NPP are improving lives.”

“For example, there was the person who fled domestic violence by accessing the funds they needed to catch a cab to safety. Plus, the people we’ve helped to access urgent medical and dental assistance or pay electrical bills before they are cut off. We’ve even helped a person replace their daughter’s calculator the night before a big exam. These important life necessities have happened without the need for payday loans and expensive credit.

“And at the same time Earnd has helped employers to increase engagement, retention and overall wellbeing, reducing absenteeism and other pain points associated with financial stress,” Brad said.

A recent Ernst and Young report described ‘On-Demand Pay’ as: one of the cheapest, most transparent and flexible ways of accessing liquidity, handing employers a powerful tool to support employee financial wellbeing, which in turn helps to improve productivity […] Beyond this, On-Demand Pay gives employers the means to create differentiation in their employee benefits packages that makes them a more attractive destination for talent.”