Hi HN, we're Karina and Andres of Monto ( https://www.monto.mx/ ). We give employees of our affiliated companies access to their earned wages 24/7. We're currently operating in Mexico. With Monto users can pay for basic services (like water, electricity) on time, avoiding penalties. They can stop paying overdraft fees and avoid having to resort to abusive credit alternatives like shark loans, employer loans, payday l…
People who are not making enough money to make ends meet -- and thus end up with overdraft fees or having to make use of things like instant loans or credit cards -- don't need to get paid faster . They need to get paid more . Whether they can afford to live or not is a matter of simple arithmetic: money left = money made - expenses. Being able to tap into their underwhelming income faster to cover a mid-month bill d…
It is kind of messed up though that you put in work and then your employer decides to pay you 1 or 2 weeks later. As an employee, you're essentially giving a short term loan to your employer. You also carry the risk for whatever reason they wouldn't be able to cover payroll. Floating a week or two of personal expenses may not sound like a lot but if you're living pay check to pay check it can be a ton.
Is this idea going to significantly change workers' rights and standing? Absolutely not. Is it poverty profiteering? Probably not.