ERTC Experts

Grazzy Raises $4.25 Million to Boost Employee Payments and Retention

Grazzy, a next-generation employee payments platform, has announced $4.25 million in Seed funding from Next Coast Ventures and Tuesday Capital to fuel the growth of its digital tipping, same-day pay, and better, more inclusive banking capabilities.[0] With the completion of the Seed round, Grazzy’s total Seed funding now stands at $6.8 million.[0]

Grazzy assists hospitality, food service, beauty, and other businesses to retain and attract staff by raising wages, granting immediate access to same-day earnings, and enabling more comprehensive financial wellbeing for hourly employees.[0] Grazzy places emphasis on employee satisfaction, resulting in more contented employees who stay with the company longer, which in turn leads to more positive guest experiences.[0]

The Employee Retention Credit (ERC) was enacted as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.[1] Employees may be eligible for a fully refundable tax credit of up to $26,000.[1] Prior to January 1, 2021, the ERC was equivalent to half of an employee's wages, with a maximum of $10,000.[1] Subsequent COVID-19 legislation has seen Congress extend and expand the ERC.[1] Under the new legislation, employers who qualify can receive a refundable tax credit for 70% of the qualified wages paid to employees from December 31, 2020 to September 30, 2021, which will be deducted from their portion of Social Security taxes.[1] In 2021, the maximum amount of qualified wages per employee for the first three calendar quarters is $10,000.[1] The ERC available to each employee is up to $7,000 per quarter, meaning a total of $21,000 in 2021.[1]

The Grazzy platform is being used by some of the world's most famous and favored hotel companies to give digital tips, same-day payments, and immediate positive feedback to their staff.[0] Grazzy provides customers with digital tipping at no cost and the most competitive fees available.[0]

Grazzy's platform has the convenience of P2P payments that customers enjoy, and also meets the branding, compliance, and reporting needs of enterprises to maximize their return on investment.[0]

0. “Grazzy Raises $4.25MM to Power Hospitality's Future of Digital Tips …” seedround.info, 24 Jan. 2023, https://seedround.info/grazzy-raises-4-25mm-to-power-hospitalitys-future-of-digital-tips-same-day-pay-and-financial-wellness-for-hourly-workers/

1. Employee Retention Credit allows home care employers to claim $21K” www.mcknightshomecare.com, 24 Jan. 2023, https://www.mcknightshomecare.com/employee-retention-credit-allows-home-care-employers-to-claim-21k/