Tapcheck

Tapcheck is an earned wage access platform that provides employees with 24/7/365 access to on-demand pay. Tapcheck integrates with more than 200 existing payroll systems including ADP, Paychex, and Paylocity, using the latest payroll profile information to estimate an employee’s net earnings. The company provides a mobile app (iOS and Android) and an online website that allows employees to control their finances at no cost to their employers.

Tapcheck Mastercard is a debit Mastercard that is linked to an employee’s Tapcheck account and allows them to transfer their on-demand earnings to the card and make in-store purchases, online payments, and ATM withdrawals. It also allows employees to use the card outside the US. Tapcheck only charges a flat fee per transaction with no interest rates.

Tapcheck also provides free online education tools via its Learn feature, which provides employees with 24/7 access to blogs, insights, calculators, and educational courses on financial topics such as budgeting and credit scores.

Tapcheck’s dashboard allows employers to monitor all their enrolled employees in real time.

Tapcheck does not perform any credit checks on employees to provide them with on-demand access to their earnings since transfers are based on the money that they have already earned. It transfers the requested earnings directly to the employee’s bank account or paycard and deducts the advance from the employee’s next paycheck. Tapcheck also offers both instant and next-day transfer options.

Key customers and partnerships

As of February 2024, Tapcheck served more than 1,000 companies including McDonald’s (nearly 10% of its franchised locations), Burger King, Dunkin Donuts, Planet Fitness, Little Caesars, Jack in the Box, and Home Instead. In December 2023, the company also partnered with Empeon, a human capital management platform for health systems to offer Tapcheck’s solutions to     Empeon’s customers. 

Funding and financials

Tapcheck’s revenue grew 10x YoY in 2021.

In June 2022, it raised USD 20 million in a Series A funding round led by PeakSpan Capital. The funds were expected to be used to expand its operations and business reach. In addition, the company reportedly raised USD 18 million via a new venture round in April 2023.