Memphis Entrepreneur Launches Startup to Transform Wage Access with Express Wages LLC

Memphis Entrepreneur Aims to Revolutionize Wage Access with New Startup

Memphis is buzzing with excitement as local entrepreneur Alfred Milan prepares to pitch his startup, Express Wages LLC, at an eagerly anticipated event called the “Next Big Thing” startup pitch competition. This isn’t just any ordinary pitch; it’s a chance for Milan, the founder and CEO, to showcase his innovative solution to a pressing issue faced by modern employers and employees alike.

A Brighter Financial Future

Founded in January 2023, Express Wages is designed to tackle significant problems in workforce recruitment and retention, providing a unique wages-on-demand solution. This service doesn’t require employers to make any payments upfront, which is a big advantage. Instead, employees can access their wages almost instantly, either right away or by the next day, albeit for a variable fee. The best part? There are no charges for a suite of financial wellness features that Milan is wrapping around this core service.

A Journey of Hope and Determination

Milan has been diligently working to bring this idea to fruition, and so far, it’s going well! He’s garnered a personal investment so far and has successfully raised $700K through a friends-and-family SAFE offering, with more ambitious plans to raise an additional $3MM by 2025. The support from his family is underscored by the added involvement of his wife, Audrey Guess-Milan, who serves as Co-Founder and COO.

Exciting Milestones Ahead

Having already activated his first paid-beta corporate user, Milan is brimming with enthusiasm as he prepares for a commercial launch slated for no later than February 2025. His venture is on an exciting trajectory, with plans in full swing for a partner-recruitment push designed to expand their user base even further.

Understanding the Competition

In this competitive landscape, Milan is aware of other players like Nashville-based RAIN, New York City’s Daily Pay, and Earnin from Palo Alto. However, he believes that Express Wages stands out due to its unique focus on providing not just immediate pay access but also promoting financial literacy, stability, and empowerment among employees.

Facing Challenges with Resilience

As a Black entrepreneur, Milan admits that raising capital has its challenges, especially in an industry where “African Americans account for less than 1% of VC dollars in Fintech.” He’s determined to overcome these hurdles, stating, “We do not make excuses, we make adjustments.” This spirit reflects Milan’s broader mission: bringing innovative solutions to the community while paving the way for others to follow.

The Road Ahead

The journey for Express Wages is backed by a stellar team, including consultant Zack Perry for API development, corporate compliance guidance from Amy Spale, and support from various industry professionals and advisors. Milan acknowledges the significant role of the Nashville Entrepreneur Center’s 12-week Project Fintech program in refining their approach and preparing for what lies ahead.

Join the Excitement!

If you’re intrigued by the pioneering spirit of Express Wages, mark your calendars for November 21! The “Next Big Thing” event kicks off at 4 p.m. at the FedEx Institute of Technology at the University of Memphis. Sixteen judges from the Society of Entrepreneurs will weigh in on numerous pitches, each vying for a $10,000 prize. In addition to Express Wages, five other innovative startups will be showcasing their ideas: 2U Fuel, Metamorphix, Oasis CDR, Ship It Pro, and Limber Robotics.

A Vision of Community Success

With four children, two of whom are in college, the Milans are not just building a business; they are creating a legacy. Alfred’s commitment to both his family and his community shines bright as Memphis looks ahead to an exciting chapter in entrepreneurship. As the clock ticks down towards the pitch, the anticipation is palpable. Who knows? Perhaps Express Wages will soon be the name on everyone’s lips as they revolutionize wage access and create positive change in people’s financial lives!