Gig Wage Raises $7.5M in Series A Funding Round, Led by Green Dot

Gig Wage recently made headlines announcing its $7.5M investment raise led by Green Dot Corp. (NYSE: GDOT), a California-based financial technology and bank holding company with additional participation from Continental Investors, Techstars, and Rise of the Rest, among others.

However, the deal with Green Dot goes beyond just an investment — Green Dot will now serve as an infrastructure bank partner to Gig Wage to deliver modern banking solutions and better financial tools to the world’s growing gig economy.

“The 1099 economy is exploding, and Gig Wage is thrilled to bring a truly comprehensive solution to market,” Craig J. Lewis, Founder & CEO of Gig Wage, said in a statement. “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.”

Gig workers are among the tens of millions of unbanked or underbanked Americans that cannot access their money without financial infrastructure. This new partnership with Green Dot will allow Gig Wage to offer financial services, such as debit cards and money management, to gig workers.

By leveraging Green Dot’s Banking as a Service platform, we will now be able to introduce customized banking solutions such as a new debit card with no monthly fee, free online bill pay, and free cash withdrawals at more than 19,000 ATM locations; free cash pick-up at over 7,000 retail locations nationwide; and other products and tools designed for gig workers and their employers.

“The fast-growing gig economy presents tremendous demand and opportunity for enhanced banking and payments tools and experiences,” said Dan Henry, CEO of Green Dot. “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.”

There was a mutual consensus that both companies want to provide an infrastructure that allows everyone to have access to their money. Our goal is to offer the first-ever “comprehensive end-to-end solution for the gig economy.”

With the new financial backing, Gig Wage will be able to grow in different areas: sales and marketing, business development, as well as ongoing product innovation to help better serve our growing customer base.

Written by

Erin Lee