Activehours launches with a new Seed funding round to disrupt payday lending

New payday loans service Activehours announced today that it has launched out of alpha and raised Seed funding of an undisclosed amount from Ribbit Capital and Felicis Ventures. The Palo Alto-based startup is taking a much different approach than traditional companies in the space by letting customers get paid for incremental blocks of hours worked, as needed. It is currently offering the service without set fees or interest, allowing customers to “pay what they think is fair” for the service.

The company was founded last year by Ram Palaniappan.