In a bold move, founder and CEO of venture-backed Humanity.com has stepped down to take on the CEO role at blockchain startup WorkChain.io, leading the company’s charge to create instant payroll on the blockchain.
Fyfe has spent the past decade as founder and CEO of Silicon Valley-based Humanity.com. The software he created at the company is now used by millions of employees in more than 40,000 organizations worldwide, including CNN, Safeway, Lyft and Nike.
WorkChain.io, the company Fyfe is set to lead, is using blockchain technology to automate payroll in real-time to give employees instant access to their earnings, reshaping the multibillion-dollar payroll industry in the process.
“I’ve seen first-hand how fundamentally broken the payroll system is. We’re still getting paid like we live in the Industrial Age,” Fyfe said.
“Waiting two-to-four weeks to get paid simply makes no sense today. We work, eat, watch TV and do just about everything else on-demand, yet we still don’t get to choose when we get paid. WorkChain.io will use blockchain technology to provide more financial control to anyone who receives a paycheck, letting them decide when they get paid – even instantly.”
Prior to taking the helm at WorkChain.io, Fyfe bootstrapped Humanity.com to initial revenue before attracting $13 million in funding. The company has since grown to more than 150 staff globally and become a market-leader.
Fyfe made the decision to leave the company he founded in 2009 despite its continued month-on-month growth and strong profitability.
“I’ve had an amazing ten years at Humanity.com. Joining WorkChain.io is a return to my entrepreneurial roots. It’ll be a part of a world-class team that has the potential to transform the way people get paid, which hasn’t materially evolved for centuries,” Fyfe said.
Fyfe previously led WorkChain.io’s $250,000 seed round and was also a board director prior to becoming CEO. He will lead a growing, experienced team of 20 staff at WorkChain.io.
WorkChain.io has already launched its first products workID and workPAY. Through upcoming integrations, one million-plus users will be connected through the WorkChain.io blockchain network.