Moves, an all-in-one banking app for gig workers, has closed its seed funding round on $5m.
OMERS Ventures served as the lead investor, with commitments also coming from Panache Ventures and N49P Ventures.
The FinTech company launched its mobile app in 2021 after spending hundreds of hours in cars, on bikes, on foot, in parking lots and burrito lines listening to gig workers, it said.
Moves CEO Matthew Spoke said, “The gig economy is surging, yet its workers continue to be left behind.
“Recent studies have shown that 80% of gig workers report an unexpected expense of $1,000 would be difficult to pay. Our commitment to helping our members starts with reducing day-to-day financial challenges and then grows to give them a seat at the table as shareholders. As we move forward in our journey, we are grateful to those investors who are joining us in our support for gig workers.”
The platform currently has over 10,000 members, which are on track to earn over $56m by year’s end 2022. Its mobile app provides users with a spending account with no monthly fees or minimum balances, and the ability to take out a $1,000 cash advance.
Moves also helps gig workers become owners of the companies they work with, with members able to earn share rewards in Uber, Lyft, Doordash, Grubhub, Target and Amazon through the Moves Collective.
The Moves Collective has over 4,5000 shares across the supported public gig companies. Additionally, Moves helps elevate the voice of its members through shareholder proposals. It recently made its first one with Uber, advocating for an independent board member with first-hand experience earning in the gig economy.
Speaking on the investment, OMERS Ventures partner Laura Lenz said, “Moves is uniquely positioned to solve many of the challenges gig workers are encountering.
“The Moves Collective, for example, is a brilliant solution to a persistent issue for gig workers, who traditionally don’t share in any of the value they have helped create. It’s also a win for the gig economy at large – in a fluid marketplace for drivers and couriers, gig workers that own stock are economically aligned to the long-term success of the companies they earn from.
“Leveraging their insights and understanding of the challenges that many gig workers encounter, Moves has developed an amazing product that helps manage gig workers’ top three unmet needs – general savings, retirement savings or investment, and managing unpredictable income. This is just the beginning of the company’s journey. We see great things ahead for the company – and the gig workers they support – and are delighted we can play a role in their growth.”
Giving people more power in companies has become a rising trend. Tulipshare Invest enables consumers to take shares in companies so they can submit shareholder proposals to incite change in operations. The company recently raised $10.8m.
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