PayActiv Valued at Over $500 Million in Boehly-Led Capital Raise

PayActiv, a financial technology firm that gives hourly workers advances on their income, raised $100 million in a financing round led by Todd Boehly’s Eldridge Industries.

The series C financing gives PayActiv an enterprise value of more than $500 million and brings Eldridge’s stake in the company to 20%, according to a person familiar with the matter who asked not to be named discussing private information.

Todd Boehly

Photographer: Dania Maxwell/Bloomberg

The majority of the financing was raised through equity. The remainder was provided by Security Benefit -- an insurance company owned by Eldridge -- through a new debt facility linked to account ...