Grazzy Revolutionizes Hospitality Industry with Innovative Payments Platform
Today, businesses in the hospitality and services industry are leveraging a new payments platform, Grazzy, to improve employee retention and recruiting, increase wages, and provide a more inclusive financial wellness for hourly employees. The platform was recently funded with $4.25MM in Seed funding from Next Coast Ventures and Tuesday Capital, bringing its total Seed funding to $6.8MM.
The platform, which is being used by some of the world's biggest and most beloved hotel brands, enables digital tipping, same-day pay, and inclusive banking solutions that are built to scale with hospitality and services businesses of any size. In addition, it provides employees with the ability to make more money, access it the same day, and save and spend in better ways.
The idea for Grazzy was born out of the need to improve financial wellness for front line workers. According to Grazzy Founder and CEO Russell Lemmer, the annual cost of voluntary hourly staff turnover in the US is over $100B, with most leaving for financial reasons. “By addressing the financial wellness of those employees, we can reduce turnover and improve lives,” he says.
The platform also offers customers digital tipping enablement at no cost and the lowest fees in the market, and provides hotels, bars, restaurants, and salons with the ability to reduce retention and recruiting costs. Thomas Ball, Co-Founder and Managing Partner of Next Coast Ventures, says that Grazzy’s ability to serve the complex needs of the enterprise makes them unique to the landscape. “The product and the team’s proven ability to deliver at scale makes Grazzy the most powerful player in the market today,” he adds.
Grazzy is helping to revolutionize the hospitality industry, with its extensible payments platform that provides customers with the modern familiarity of a P2P payments experience that guests love, but with the enterprise-level branding, compliance and reporting that's required to successfully deliver ROI at scale.
0. “Grazzy Raises $4.25MM to Power Hospitality's Future of Digital Tips …” seedround.info, 25 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. “Grazzy Raises $4.25MM to Power Hospitality's Future of Digital Tips …” whatsuppub.com, 25 Jan. 2023, https://whatsuppub.com/news/national/article_11dcbc09-b49e-5d03-a439-98d970123a13.html