Moves Raises $5M to Empower Gig Workers to Own the Gig Economy
NEW YORK–(BUSINESS WIRE)–Movesan all-in-one banking app exclusively for gig workers, today announced that it has closed a US$5 million (C$6.39 million) seed funding round to advance its mission to make the labor economy work for its workers.
“The gig economy is booming, but its workers continue to be left behind,” said Matthew Spoke, CEO of Moves. “Recent studies have shown that 80% of gig workers say an unexpected $1,000 expense would be hard to afford. Our commitment to helping our members starts with reducing day-to-day financial challenges, then grows to give them a seat at the table as shareholders. As we move forward on our journey, we are grateful to the investors who join us in our support for gig workers.
The funding cycle is led by OMERS Ventures, a notable venture capital fund with a track record of backing global success stories, and a group of former gig economy and consumer tech executives from companies including 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 face,” said Laura Lenz of OMERS Ventures. “The Moves Collective, for example, is a brilliant solution to a lingering problem for site workers, who traditionally don’t share any of the values they helped create. It’s also a win for the gig economy as a whole — in a fluid market for drivers and couriers, gig workers who own stocks are economically aligned with the long-term success of the companies they earn from. Leveraging their knowledge and understanding of the challenges faced by many gig workers, Moves has developed an amazing product that helps manage the three main unmet needs of gig workers: general savings, savings -retirement or investment, and management of unpredictable income. This is just the beginning of the company’s journey. We’re planning great things for the company – and the workers it supports – and we’re excited to be able to play a part in their growth. »
Ensure gig workers benefit from the growth of the gig economy
The gig economy, which has exploded in recent years, continues to grow exponentially, and now includes more than a third of all American workers. In the USA, the current workforce of 59 million expected to grow to 86 million by 2027. Still, Inside state legislatures, debate rages over how gig workers should be classified – as independent contractors or as employees – and what benefits they are entitled to. Gig workers continue to face immense daily financial challenges, with high gas prices and pricing algorithm changes. Growing pressure on public gig companies like Uber and Doordash to meet profitability and stock performance targets introduces trade-offs often faced by gig workers, such as lower incomes, scarce health benefits or less data transparency.
“It’s as if we were alone here; that we are a sustainable resource. – Jonathan, a Georgia-based rideshare driver
The promise of the gig economy – providing flexibility and control over how you earn income – is a vision worth pursuing, despite the challenges. Ashley, a retired veteran from Florida, said, “No other traditional job could accommodate the multiple medical appointments I go to every week.” On-demand work gives her control over how and when she chooses to earn an income and prioritizes what matters most to her.
Moves launched its mobile app in 2021 after spending hundreds of hours in cars, bikes, on foot, in parking lots and burrito queues listening to gig workers. Since its inception, Moves has built its products in partnership with construction workers, focusing exclusively on their needs. Moves has over 10,000 members on track to earn over $56 million by the end of 2022 and manage their money better with early deposits for weekly payouts, earnings insights in more of 16 supported apps and cash advances up to $1,000.
To accelerate its mission to make the gig economy work for its workers, Moves has taken a radical approach to empowering thousands of gig workers to own the businesses they earn for. Inspired by recent shareholder activism toward ESG goals, Moves enables its members to earn equity rewards* in Uber, Lyft, Doordash, Grubhub, Target and Amazon through the Collective moves.
The Moves Collective now owns over 4,500 shares in supported public gig companies. In parallel, Moves raised the voice of its members with its first shareholder proposal to Uber, arguing for an independent board member with first-hand experience in the gig economy. Every day, more workers are becoming owners and given the right to have their voices heard and share in the value they help create. This innovative approach to advocacy in the gig economy has been recognized as a Changing idea of the worldin Fast Company’s 2022 awards.
“You want someone to hear you and take you seriously. We need a voice and a lever. If we have enough shares in the company, they have to listen to us. I understand. So thank you for even creating this opportunity for us drivers…it’s like assistance…protection.– Charles, an Uber driver
Moves is the all-in-one banking app designed exclusively for on-demand workers. Moves members can better manage their money while earning free shares in the companies they work for.
Moves is headquartered in Toronto and has a world-class team of 35 people who strive every day to improve the gig economy for its workers. The team is led by CEO Matthew spoke.
Moves Financial is a fintech company and is not a bank. Banking services are provided by Blue Ridge Bank NA; FDIC member. The Moves Financial Visa® Debit Card is issued by Blue Ridge Bank NA pursuant to a license from Visa USA Inc. and can be used anywhere Visa debit cards are accepted. Cash advances are provided by Moves Financial, not Blue Ridge Bank NA
Brokerage services and products are provided by Bumped Financial LLC, member FINRA/SIPC. More information about Bumped Financial LLC is available at FINRA BrokerCheck. Mention of a specific stock or holding is for illustrative purposes only and does not constitute an investment recommendation. This is not an offer to buy or sell securities, or to open an account on which Bumped Financial LLC is not registered. The Bumped app and website are operated by Bumped, Inc. Bumped Financial is a wholly owned subsidiary of Bumped, Inc. Moves is not an affiliate or subsidiary of Bumped, Inc. or Bumped Financial.
Investing in securities involves risks, including possible loss of principal: Not FDIC insured • No bank guarantee • May lose value. Past performance is not indicative of future results. Neither Moves nor Bumped Financial offer investment advice. Accounts are self-managed. Individual investors should consider the risks and rewards associated with any investment or strategy and weigh the potential benefits of an investment against the risks associated with any investment. The risks include the loss of the total value of the investment.
* The accumulation of collective voting shares is not taken into account in determining whether it is appropriate to hold a particular share. Investors should prioritize their individual investment objectives and personal investment considerations when deciding whether to buy, hold or sell a security. Individual investors should consider the merits of a particular investment with respect to their individual investment objectives, overall financial situation and risk appetite.