Fintech and bank holding company Green Dot served as the lead investor in the Series A funding round for 1099 payments platform Gig Wage, while also announcing a partnership between the two to bring financial tools to the globe’s growing gig economy. The funding round, worth $7.5 million total, assists Gig Wage in adding seamless banking solutions to its existing instant payment platform for gig workers.
“The 1099 economy is exploding, and Gig Wage is thrilled to bring a truly comprehensive solution to market,” said CEO and Founder of Gig Wage, Craig J. Lewis. “As we laid the foundation to offer financial infrastructure for the ‘Future of Work,’ it was abundantly clear Green Dot was the best partner for us to help the most people. Our partnership with Green Dot will not only help us on our mission to increase the GDP of the gig economy, but also help us provide a financial social safety net for gig workers everywhere.”
The partnership gives Gig Wage access to Green Dot’s Banking as a Service platform, letting them deploy customized money movement and banking solutions. Current plans include a new debit card without monthly fees, free online bill pay, and fee-free cash withdrawals from over 19,000 ATM locations; as well as other products aimed squarely at gig workers.
Dan Henry, Green Dot’s CEO, said that the growth of the gig economy creates a massive demand for enhanced banking and payment tools. He continued, “We’re thrilled to partner with Gig Wage to grow this vertical and empower gig workers and their employers with faster, more seamless financial solutions.”
Read about how the rapidly growing Gig Economy is presenting different Opportunities for Different Generations and the related Financial Challenges.
