FinTech Startup Greensill Acquires Salary On-Demand Startup Earnd

London-based Greensill Capital, a global structured financial services provider, has recently acquired Sydney-based Earnd, a FinTech startup that leverages employees to draw down their salary in installments. The financial details and deal agreement are not disclosed yet. With this acquisition, Earnd will forefront Greensill’s entry into Australia and the Asia Pacific along with becoming the globally famous brand for the user’s instant wages app.

Jason Austin and Lex Greensill founded Greensill Capital in 2011 with the motive of providing supply chain finance to consumers. It also works with institutional investors and banking partners to offer massive funding surge to strengthen its process. It has stabilized its business by lending its partners with early payments from customers by bestowing a small discount on the price.

Till date, Greensill has bagged billions of dollars in backing from SoftBank Vision Fund. It serves across Latin America, Europe, Asia,  North America, and Africa. In 2019, Greensill purchased London’s FreeUp, a FinTech startup that enables employees to draw out their pay anytime. By acquiring  FreeUp, Greensill has signaled that it wants to widen its area of service and the latest deal of Earnd who works the same as FreeUp has confirmed its intentions.   

Earnd is well established in less than 2 years by entrepreneurs Serge Kotlyarov and Josh Vernon. It provides financial services to help low wage workers to avoid late fees, debt, and high-interest loans. It gives employees access to their income as they earn it. 

Earnd aims to change the way of pay all over Australia. It has more than 20 business customers, along with its service catering to more than 10,000 employees. 

Greensill Capital CEO Lex Greensill said, they get attentive to companies with local expertise and innovative technology who are approaching in the same manner as Greensill doing. We have seen the potential of Earnd young and enthusiastic team that is led by an outstanding founder with proven technology. The acquisition of Earnd will leverage us the forefront into the Asia Pacific region and Australia by allowing us to provide more and more employees with the opportunity to get paid as early as possible.