Dallas-based fintech company Gig Wage has announced an $8.25 million extension to its Series A funding, bringing total funding to $20.2 million.
The company is also rolling out new tools designed to streamline payroll and benefits for independent contractors.
A Fresh Start After Challenges
Gig Wage’s latest funding round includes new investors Discover, Motley Fool, and Chartline Capital Partners, with additional support from existing backers like Green Dot and Foundry Group.
The funding comes after a challenging period for the company, which had to rebuild its platform following the bankruptcy of its former partner, Synapse.
“We had to shut down for 90 days to rebuild and return funds to customers,” said Craig J. Lewis, Gig Wage’s founder and CEO in a statement.
“But we’ve come back stronger with new banking partners and enhanced features for businesses and contractors.”
The company’s clients include well-known brands such as AT&T, Lyft, and Omni Interactions.
Gig Wage 2.0: Expanded Tools for Contractors
The newly launched “Gig Wage 2.0” platform includes features aimed at optimizing operations for businesses while empowering gig workers.
Key additions include a contractor payments wallet, health and wellness benefits for freelancers, free invoicing tools and onboarding and background check support
These features build on the platform’s original capabilities, which focused on instant payments and tax handling for 1099 workers.
Gig Wage has paid out nearly $1 billion to contractors nationwide and saw 300% growth in 2023, achieving profitability for the first time.
Feature Image Credit: Independent Economy Council
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