Wage

Wage operates as a financial technology infrastructure company specializing in payroll data connectivity. The firm was established in 2018 by co-founders Ben Prawdzik and Shaan Patel. The founders leveraged their collective experience from prominent firms such as Gusto, Goldman Sachs, Box, and Bain Capital to engineer a platform addressing the complexities of the fintech sector.

The company's core offering is an Application Programming Interface (API) that provides third-party businesses with direct-source, real-time access to payroll data. This service is designed for a variety of clients, including lenders, landlords, hiring managers, and other fintech applications that require income and employment verification. The business model is centered on providing this data access as a service, which helps clients to streamline their verification processes, reduce HR workloads for employers, and create a more efficient financial ecosystem. Revenue is likely generated through fees for API calls or a subscription-based model for accessing the data infrastructure.

Wage's platform facilitates secure data sharing without the need for consumers to upload documents or share login credentials, positioning it as a less cumbersome alternative to traditional verification methods, similar to a credit check. This credential-less process is a key feature, designed with enterprise-grade encryption and compliance with standards like the Fair Credit Reporting Act (FCRA) and SOC 2 Type 2 certification. In April 2021, the company announced a significant milestone, securing $5 million in a funding round led by Gradient Ventures, Google's AI-focused venture fund. This capital infusion was earmarked for expanding its solutions and growing its network of payroll partners, which at the time covered millions of employees across numerous companies.

Keywords: payroll data API, income verification, employment verification, fintech infrastructure, financial data access, API as a service, Ben Prawdzik, Shaan Patel, Gradient Ventures, SOC 2, FCRA compliant, credential-less data, lending technology, tenant screening, background checks, direct-source data, payroll connectivity, open finance, financial services API, real-time data