Gig economy app Gigable has partnered with embedded finance service Weavr to enhance the latters payments and business banking infrastructure.
Both companies will also look to transform how gig workers access earnings and control finances. The announcement signifies an advancement in the use of embedded financial technology to boost the gig economy in the UK and Ireland.
The partnership aims to reduce the time that gig workers wait to receive their earnings while also allowing them to manage their finances in real-time.
John Ryan, CEO and Founder of Gigable, said: “The cost of living crisis is having a significant impact on the residents of both Ireland and the UK, and an increasing number of people are turning to the gig economy as a result of their income no longer covering their expenses.
“Our goal at Gigable is for workers to have complete financial independence, have immediate access to earnings and the ability to control their finances with saving options. This partnership will also offer a new and unique ability for partner merchants to accept payments through Gigable as we strive to advance batching systems, and increase speed and convenience for paying workers.”
This partnership marks a new chapter for Gigable, not only as a source of flexible work opportunities for freelance gig workers, but also by allowing workers to set up a dedicated account for savings to set a portion of earnings aside.
From a recent survey of a segment of active freelance gig workers on the platform, Gigable found that 23.2% of its workforce use gig work as their main generator of income, while over 70% use the sector to supplement their income.
Nearly three-quarters (73.7%) use gig earnings for essential goods and services and a further 21.2% put gig income towards mortgages and rent.
When asked about how to improve their experience of the gig economy and working with merchants on Gigable, the majority of gig workers want quicker access to earnings and payments.
Alex Mifsud, CEO and Co-Founder at Weavr, added: “We’re always excited to work with innovators like John and his team at Gigable who are so passionate about creating solutions that seem to think of everything when it comes to serving their customers, and in this case gig workers.