ZayZoon Announces the Addition of Marcos Lopez and Ryan King to the Board of Directors and a $3.5 Million Equity Offering
CALGARY, AB, June 17, 2020 /PRNewswire/ -- ZayZoon Inc., a leader in employee financial health services, is pleased to announce the addition of Marcos Lopez, Managing Director and Head of Shareworks by Morgan Stanley, and Ryan King, Co-Founder and CTO of Chime, to its Board of Directors. These individuals join ZayZoon's existing independent board members, which include Bill McAdam, Corporate Director and Chairman, and Casper Wong, Co-Founder and COO of FinanceIt. In addition, the Company issued $3.5 million in a private placement to the new directors, current shareholders and certain new investors.
Marcos Lopez is the Managing Director and Head of Shareworks by Morgan Stanley, a leading global software solution for equity administration, financial reporting and compliance. Previously, Mr. Lopez was CEO of Calgary-based Solium, where Lopez was the original architect of the technology and a member of the executive team for almost two decades.
Ryan King is the Co-founder and CTO of Chime, a San Francisco-based challenger bank with more than 8 million accounts. Chime helps its members avoid fees, save money automatically and achieve financial peace of mind. Chime recently raised US $500 million, valuing the company at US $5.8 billion. Ryan earned his M.S. in Computer Science from Stanford University and a B.S. in Computer Science from UCLA.
"We're thrilled to welcome such an accomplished group of individuals to our board," said Darcy Tuer, CEO of ZayZoon. "The depth of experience in financial technology, product, growth and value creation represented by Ryan, Marcos and Casper, combined with Bill's corporate stewardship, positions ZayZoon to continue its significant growth in the U.S., Canada and Australia."
This private placement comes at a time of growth for ZayZoon and will help the company continue its mission of improving employee health through responsible financial products such as Earned Wage Access. ZayZoon's Wages On-Demand gives employees access to their wages as they earn them, in advance of their regularly scheduled paydays, protecting them from predatory products such as Overdraft Fees and Payday Loans.
"It's rare that you find a company with the growth potential and social mission as that of ZayZoon," said Sandi Gilbert, Managing Director of InterGen Capital, a fund committed to accelerating the growth and scale of high-potential Calgarycompanies and one of the participants in this private placement. "Calgary was the economic envy of the entire continent for the last 20 years, and we believe investing in companies like ZayZoon is what will define the next 20 years and beyond," Ms. Gilbert exclaimed.
ZayZoon's mission is to provide workers with effective tools that improve their financial health in a socially responsible way. Launched in 2014, ZayZoon began with the idea of giving workers access to their earned wages in order to avoid high-cost loans and fees. ZayZoon is at the forefront in developing financial technology that empowers workers across North America by giving them the tools and the knowledge to better manage their financial health.
Forward-looking statements are made as of the date of this press release and ZayZoon disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.