A new fintech service has been launched in Russia, “Cash in advance” (“Dengi vpered”), which allows employees of Russian companies to transfer the amassed amount of salary to their account or card at any moment.

Rusbase reports that the platform and the app offer employees access to the amassed amount of money and explain why they can get that exact sum at the moment. The service charges a commission fee of RUS 50 to RUS 700for each transfer, depending on the transfer sum. For employers, cooperation with the service is free of charge.

Each user profile includes payslips indicating the actual days worked, vacations and sick leaves, tax calculation, information about payroll accounting and charge, as well as tips for interacting with the employer.

The service creators believe that “Cash in advance” makes it possible for employees to cover unplanned expenditure without taking loans and for employers to increase motivation in the company, reduce the turnover and decrease the workload at the accounting department.

In order to join the platform, the employer signs a contract with the service and integrates their accounting system. Afterwards, the employees have to submit applications requesting the shift to “Cash in advance”.

The beta testing of the service ended in December 2019. In the end of the previous year, 5 companies started using the platform and 15 negotiated joining it.

The service wants to exceed the threshold of 150,000 clients (employees) by the end of 2020. “Cash in advance” creators estimate the amount of early paychecks in Russia to be USD 1.7 billion.

“Cash in advance” was developed by Worki recruiting service founder Pavel Guzhikov and investor Konstantin Stiskin. They invested USD 200,000 of their own funds to create the platform and the app.

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