Ualett raises $50m credit for gig economy payment app


Ualett, which offers an online cash advance app to the gig economy, has secured a $50m credit line, through a new partnership with Thiele Capital Management.

This fresh capital will enable Ualett to expand its services across the US.

The FinTech company simplifies how independent contractors and businesses manage their funding needs. Through the app, users can access funds within minutes with real-time payments delivery.

It currently has over 11,000 active customers and has funded over 95 million in transactions since it was launched. Its users include ride-share drivers, delivery businesses, truckers, caterers, other 1099-based contractors and a range of independent businesses.

The app, which is available on iOS and Android, is available in 40 states and boasts 90,000 users.

Speaking on the partnership, Thiele Capital Management CIO Alex Thiele said, “The team at Ualett has accomplished so much in such a short period.

“They have the perfect combination of talent on their team, product-market fit, and a focus on customer satisfaction that will continue to transform how the GIG economy funds itself. Thiele Capital Management is excited to help power Ualett’s continued growth.”

There are a number of FinTech companies aimed at the gig economy. Earlier in the year, ping raised $5m in its seed funding round. The company offers voice technology that stops gig economy workers needing to check their phones. Its technology reads delivery updates, dispatches notifications, and other urgent messages out loud.

Another FinTech in the sector is Moves. It is an all-in-one banking app for gig workers and recently closed its seed funding round on $5m. The platform offers a spending account with no monthly fees or minimum balances, and the ability to take out a $1,000 cash advance.

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