NEW YORK– Moves, an all-in-one banking app exclusively for gig workers, announced today that it has closed a $5 million USD ($6.39M Canadian Dollars) seed funding round to advance its mission of making the gig economy work for its workers.
“The gig economy is surging, yet its workers continue to be left behind,” said Matthew Spoke, CEO of Moves. “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 funding round is being led by OMERS Ventures, a notable venture fund with a track record of backing global success stories, and a group of former gig economy and consumer technology senior executives from companies such as Airbnb, eBay, Facebook, Lyft, Uber, and Shopify. Other investors for this round include Panache Ventures and N49P Ventures.
“Moves is uniquely positioned to solve many of the challenges gig workers are encountering,” said Laura Lenz of OMERS Ventures. “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.”
