Abu Dhabi, UAESaturday 21 September 2019

Business Extra podcast: FlexxPay bridges the payday gap and the curious case of the unsold 'Porsche'

UAE firm FlexxPay now has 25 companies, such as pick-up and delivery service Fetchr, and more than 5,000 employees using its platform

The Dubai start-up FlexxPay allows employees to access up to Dh1,835 of their salary per month for an average fee of Dh25, depending on how early the advance is requested.

After signing up its first corporate customers in June, FlexxPay now has 25 companies, such as pick-up and delivery service Fetchr, and more than 5,000 employees using its platform. The goal: to solve the pay frequency problem and alleviate financial stress for workers.

In the episode, host Chris Nelson is joined by fellow Assistant Business Editor Michael Fahy and The National's personal finance correspondent Nada El Sawy to talk about the company, what its plans are and the growth of the sector both here and abroad.

Also, we take a look at the strange goings-on at last week's major classic car auction in Monteray, California. Auction goers consisting of aficiandos and collectors at the much-anticipated sale of rare vehicles were left open-mouthed after an apparent blunder by the RM Sotheby's auction MC saw bidding for a rare 1939 'Porsche' - list price $20 million (Dh73.4m) - reach an eye-watering "$70m", only for it to emerge that the auctioneer had in fact said, or meant to say, $17m.

Comments from those among the crowd right after the incident included: “It worked for Banksy; it didn’t work for RM,” a reference to the 2018 Sotheby’s sale, which saw a piece of artwork by Banksy shredded in a surprise stunt just after it sold.

In this episode:

- Headlines (0m 36s)

- FlexxPay (5m 21s)

- 'Porsche' (16m 15s)

Updated: August 21, 2019 11:02 AM

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