'Pay in advance' fintech Paylab enters voluntary administration with … – SmartCompany

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Australian employee engagement fintech Paylab has entered voluntary administration, raising questions about its future and the status of workers using its pay-in-advance feature.

Documents shared by the Australian Securities and Investments Commission show Bruce Gleeson and Daniel Robert Soire, both of Jones Partners Insolvency & Restructuring, were appointed as joint administrators on Friday.

A first meeting of creditors will be held on July 26.

Originally founded as Wagesplitter, the Paylab platform promises businesses increased employee engagement through brand savings deals and early access to accrued wages.