Gig Wage, a payroll service for on-demand workers, has raised $3.25m in venture debt from Silicon Valley Bank.
The credit facility will provide the FinTech company with added financial flexibility at competitive terms. It will be used to invest into key growth areas of the business.
Alongside the funds, Gig Wage has appointed Clarisa Lindenmeyer as its new chief of staff and chief brand officer. In the role Lindenmeyer will lead the growth and development of the brand image internally and externally.
The FinTech company claims to be the first FinTech payroll platform specifically for the gig workers. Its platform enables employers to instantly pay their 1099 workers, with better flexibility and scale.
Gig Wage chief of staff and chief brand officer Clarisa Lindenmeyer said, “It is an enormous opportunity to work alongside the incredible team at Gig Wage, especially now.
“Independent workers and lifestyles are our future. The Covid-19 pandemic has accelerated the shift to the future of work: blended workforces, remote work, on-demand workers. This fluid and interconnected workforce is becoming the norm. We all want the ability to design our lives – to work how and when we want and we should get paid accordingly. Gig Wage makes this possible.”
Lindenmeyer has more than 15 years of leadership experience, working in B2B2C marketing and PR, growth strategy and brand building.
This investment comes just months after Gig Wage extended its Series A round by $2.5m, bringing the round’s total to $10m. The round was led by Foundry Group.
Gig Wage, which was founded in 2014, has raised a total of $16.45m in equity, to date. Its investors include Green Dot Corporation (NYSE: GDOT), Silicon Valley Bank, Foundry Group, Continental Investors, Techstars, Revolution’s Rise of the Rest Seed Fund and more.
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