Gig Wage, which supports instant contractor payments, has reportedly added an additional $2.5m to its Series A, bringing the round’s total to $10m.
The fresh equity was led by The Foundry Group, according to a report from Crunchbase News.
Last year, the company bagged a $7.5m in the initial Series A tranche of funding back in November 2020. The capital infusion was led by Green Dot Corp, with participation also coming from Continental Investors, Techstars, and Rise of the Rest and others.
In an announcement for the initial Series A investment, the FinTech stated the capital will be used to support its sales and marketing, business development and product innovation.
Gig Wage offers tools to empower contractor payroll, payments and compliance.
In line with the funding, Green Dot signed a deal with Gig Wage to become its infrastructure bank partner. This sees the company provide Gig Wage with modern banking solutions.
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.”
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