Electronic payment company Green Dot and Gig Wage have formed a long-term investment partnership to provide better financial tools for the gig economy.
The agreement sees Green Dot lead the $7.5m Series A investment of Gig Wage and serve as its infrastructure bank partner. This will enable Gig Wage to add seamless banking solutions to its platform.
Gig Wage will now be able to deploy its own customised banking and money movement solutions. It also plans to launch a new debit card with not monthly fee, free digital bill pay and free cash withdrawals at 19,000 ATM locations.
Green Dot CEO Dan Henry said, “The fast-growing gig economy presents tremendous demand and opportunity for enhanced banking and payments tools and experiences.
“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.”
Other backers to the Series A round was also supported by Continental Investors, Techstars, Rise of the Rest and others.
Gig Wage founder and CEO Craig J. Lewis said, “The 1099 economy is exploding, and Gig Wage is thrilled to bring a truly comprehensive solution to market.
“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.”
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