Grazzy, an Austin, TX-based provider of an employee payments platform, raised $4.25M in funding.
The round was led by Next Coast Ventures and Tuesday Capital.
The company intends to use the funds to accelerate growth across large hotel brands and operating groups, restaurant groups, and salons, and support the continuation of integrations between the platform and the major systems (PMS, HMA, and POS) hospitality and service businesses use to run their operations.
Led by Founder and CEO Russell Lemmer, Grazzy helps hourly employees make more money, access it the same day, and save and spend in better ways. By improving financial wellness for front line workers, the company reduces retention and recruiting costs for hotels, bars, restaurants, and salons. Its payments platform enables digital tipping, instant tip-outs, and inclusive banking solutions that are built to scale with hospitality and services businesses of any size.
The completion of the seed round brings Grazzy’s total Seed funding to $6.8M.