Salarium Fintech Company has completed the development stage of its application, now available in Google Play and AppStore, thus becoming the first platform of salary advance payment and financial education in Romania.
With the help of Salarium mobile app, employees of Romanian companies can request salary advances, without fees or interests. Salarium can integrate with any Payroll solution, and for the money transfers it will use Mastercard MoneySend and Visa Direct technology.
“Salarium was born in response to the needs and difficulties created by the current economic context, which put pressure on employees’ finances and emphasizes employers desire to better motivate and help employees. We want to become a success story in the FinTech industry in the next five years, have a positive impact on the lives of staff and be able to improve the employee-employer relationship in the long term.” said Alina Ştefan, CEO Salarium Fintech
After an initial investment of 1 million lei, during a 6-month period, the company focused on technical development of the platform. 36 specialists with experience in projects in financial-banking industry worked on this project. The company estimates that in the first year of activity it will grant salary advances of 400,000 euros and aims to enroll at least 6,000 employees in the platform. Also, by the end of the year, the platform will integrate with the purpose of process automation, with at least two payroll companies.
Traditional payment cycles can influence the financial well-being of employees and 70% of them run out of money from one salary to another. Salarium meets a current labor market need and helps employees instantly receive an advance on their salary instead of waiting until the traditional payday. With easy access to a pay advance, employees can avoid non-payment penalties for bills or rates and avoid high-interest loans, such as those charged by payday loans.
Salarium targets enterprises and medium size companies in Romania, being positioned as an extra-salary benefit designed to give employees the possibility of easy access to the advance and free financial education. Employers can democratise payday with a strong impact on employees’ lives and without interfering with internal processes or monthly cash flow. This will be possible by integrating the application with the payroll solutions that currently provide payroll services for companies in Romania.
The main attributes of the App are simplicity, speed and safety, the platform being built on the principle of secured by design. The solution was created to be safe from the beginning, and this aspect remains a priority for the Salarium development team, the management of salary advances being treated with the utmost importance at all times.