#FinancialInclusion / Businesses look to fintechs to quickly pay gig workers

Lili, Galileo Instant and Gig Wage are powering flexible banking services to help companies and workers manage payments

… New York-based Lili, a banking app designed for independent and gig workers. Founded in 2018 and launched a year later, the startup offers a checking account and encourages individuals to save for emergencies by creating a separate bucket of money… People can define a daily amount for savings such as $1 and Lili will move the money into it… The company increased its features in 2020 by adding the option to save money to make tax payments… The company plans to add more features in 2021 such as launching savings accounts that generate interest, the ability to invoice and more professional services such as getting paid via credit cards. Lili works only with sole proprietors currently, but plans to offer services for small businesses and limited liability companies in the future.

Another fintech that helps contractors get paid faster is Gig Wage… Green Dot will serve as an infrastructure bank partner to Gig Wage, allowing the startup to offer “seamless, reliable” banking solutions to its instant payments platform for gig workers. The partnership means Gig Wage can introduce a new debit card with no monthly fee, free online bill pay and free cash pick-up at over 7,000 retail locations nationwide.

… Salt Lake City-based Galileo Instant that was launched in June 2020 for the gig economy. The company works with banks to standardize the debit card issuing process. Now businesses can create branded debit cards and accounts in 14 days instead of waiting several months to pay their freelance workers faster and not have to rely on cutting checks or making ACH payments… The goal of Galileo Instant is to enable businesses, especially those that seek a fast and easy payout solution to become fintechs through the use of embedded payments, Wilkes said. Instant has over 1,500 enrollments from businesses.

https://finledger.com/2021/02/01/businesses-look-to-fintechs-to-quickly-pay-gig-workers/