Green Dot Corp. and Gig Wage are launching a strategic long-term investment and partnership to deliver better banking and financial tools to the world’s growing gig economy.
The companies announced today that Green Dot is the lead investor in Gig Wage’s Series A funding round and will serve as infrastructure bank partner enabling Gig Wage to add seamless, reliable banking solutions to its popular instant payments platform for gig workers.
“The fast-growing gig economy presents tremendous demand and opportunity for enhanced banking and payments tools and experiences,” said Dan Henry, CEO of Green Dot. “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.”
Leveraging Green Dot’s Banking as a Service platform, Gig Wage can now design and deploy their own customized banking and money movement solutions for its growing customer base. Powered by Green Dot, Gig Wage plans to introduce a new debit card with no monthly fee, free online bill pay, and free cash withdrawals at more than 19,000 ATM locations; free cash pick-up at over 7,000 retail locations nationwide; and other products and tools designed for gig workers and their employers.
“The 1099 economy is exploding, and Gig Wage is thrilled to bring a truly comprehensive solution to market,” said Craig J. Lewis, founder and CEO of Gig Wage. “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.”
The new partnership was announced in conjunction with the completion of a $7.5M Series A funding round by Gig Wage. Green Dot led the round, with additional participation coming from Continental Investors, Techstars, Rise of the Rest, and others.