MyGigsters, a fintech the helps gig economic system employees observe their revenue and spending to construct monetary safety, has raised a $1.1 million Seed spherical.
It leverages real-time knowledge on earnings, bills and work historical past, alongside superior analytics, to supply hyper-personalised insights for individuals to enhance their monetary wellbeing.
The fintech launched in 2022 with pre-Seed investments from Antler, LaunchVic, Startmate and angel buyers. Angels, current and new, and clients backed MyGigsters for this spherical on a SAFE word.
Founder Benji Elengovan, a former Commbank’s Younger Hero Awards Entrepreneur of the Yr, stated the funding comes on the excellent time as they scale to empower gig platforms and companies with embedded monetary options.
He describes MyGigsters, as delivering “employee-like” advantages to gig employees and impartial contractors.
“Our mission is to create a safer, extra financially safe gig workforce. With this help, we will develop our options in Australia and globally whereas collaborating with monetary service suppliers to construct a tailor-made embedded finance ecosystem for gig employees,” he stated.
“Constructing a fintech is hard—particularly in a shifting regulatory and capital panorama. Over the previous two years, we’ve confronted challenges, examined a number of options, and realized from each failures and buyer insights.
“However our obsession with fixing monetary safety for gig employees has led us to construct probably the most complete embedded finance platform for the gig economic system.”
The startup is making ready to launch its embedded monetary companies globally, having secured 15 Memorandums of Understanding in a number of international locations.
Elengovan plans to combine with gig platforms and marketplaces to supply options equivalent to immediate funds, early pay entry, embedded insurance coverage, advantages, rewards, automated tax
administration, financial savings, and compliance.
The funding will speed up partnerships with purchasers spanning supply, healthcare, inventive marketplaces, and on-demand companies.
They embody Locumate, a SaaS hiring platform for on-demand healthcare professionals, cofounded by Surge Singh.
“This collaboration permits us to automate and simplify crucial administrative duties equivalent to invoicing, funds, and advantages administration,” he stated.
“By doing so, we empower healthcare professionals to concentrate on what really issues—offering distinctive affected person care.”
David Orth, each a buyer and investor, stated MyGigsters “is constructing what the way forward for work will depend upon – bringing monetary companies and safety to non-traditional employees. The important thing to embedding tax accounting, embedded finance mimics the advantages impartial contractors would get in a 9 to five employment.”
Fellow investor and buyer Antonio Separovic, CEO and founding father of Oradian, praised Elengovan as “doing extremely vital work” for the gig economic system
“The people who depend on the gigs are nicely overburdened with admin to take part and course of their livelihood at an especially excessive price,” he stated.
“MyGigsters makes this seamless, easy, and cost-effective. It’s a sensible, worthwhile enterprise with a real-life influence. I’m glad I can help it.”
