The gig workforce has become increasingly influential in society. Gig workers are independent contractors who typically work on temporary projects. They enter agreements with on-demand entities who wish to hire their services and will then get paid for the work when it is complete. These workers can be found throughout the country doing things like delivering foods and groceries, transporting people to different places, and other general services.
The need to facilitate gig worker payments is critical, as such workers deserve to be paid for the projects they complete. This is where Payfare comes into play, as Payfare provides a service that can handle gig economy projects. It can manage pay solutions for gig worker projects. It ensures gig workers receive the money they deserve right away and that they can also get access to their funds as necessary.
Today Payfare has become one of the most prominent entities in the gig economy. The company has grown well enough to where it raised millions in an initial public offering or IPO. The move is a sign of how committed Payfare is and how it plans on managing more activities in the future.
According to a press release issued by the company, Payfare raised about $65.4 million in its IPO. The total comes from 10.9 million Class A common shares in the company worth $6 per share. The shares are trading on the Toronto Stock Exchange under the PAY symbol.
Payfare is promoting this IPO as a sign of how valuable the company’s services are for gig workers. Payfare provides help for gig workers by offering free digital banking solutions that handle instant payouts for projects. The system’s technology is unique and provides convenience for all workers.
The IPO was underwritten by multiple financial services and investment entities. These include Raymond James, Scotia Capital, and Stifel GMP. These parties have helped set up the IPO and create a suitable valuation to improve upon how well the IPO works. The effort will be an exciting one for people to explore as Payfare continues to play a significant role in the gig economy. It will also be essential as more people start to explore the benefits of the gig economy and how well it can work for everyone.
The Value of Payfare
Payfare is a system for freelancers and gig workers that provides people with digital bank account access. People can use their accounts and accompanying debit cards to collect their earnings and to use and transfer their funds as necessary. Workers can be instantly paid after completing certain activities. They may also receive rewards depending on the services they manage.
Payfare is utilized by many prominent gig platforms. These include food delivery systems like Uber Eats and DoorDash, plus ride-sharing services like Lyft.
The system does not require any signup fees or annual charges. It does not require any credit checks or minimum account balances, providing a smarter approach for work.
The Value For Gig Platforms
While Payfare is popular among gig workers, it is also a necessity for gig platforms. Payfare provides a control panel for gig platforms that help them review their current account and rewards balances, activities among current gig workers, and options for transferring and depositing funds as necessary.
The gig platform layout lets providers monitor workers and attract new ones. It also ensures funds are transferred to employees sooner, thus reducing absenteeism and encouraging loyalty among workers.
Working With DoorDash
Part of Payfare’s growth comes from how the entity has been working with other outside parties to help build and advance its offerings and assets. Payfare has been working with DoorDash as of late and teamed up with the delivery service provider to form DasherDirect. The banking program lets DoorDash delivery drivers handle their funds with more banking options. It provides a secure design for managing all the funds one might collect for one’s work.
DasherDirect provides a mobile banking app and supports a business Prepaid Visa card for transactions. It also has a rewards scheme for multiple activities. The system also has support from Stride Bank for handling its prepaid cards. DasherDirect is currently available in the eastern end of the United States, but it will be rolled out to other parts of the country in the coming year. This development was essential in helping Payfare become more viable for its IPO efforts.
Supporting Millions of People
The most essential part of the Payfare IPO is that it allows Payfare to remain steady and to continue providing support for gig workers. Freelancers and other gig workers are essential to the American economy, as there are more than 55 million of them in the country. Such freelancers were essential for supporting grocery stores and other businesses during the pandemic this prior year.
But freelancers don’t have work benefits, plus their jobs remain unstable. Many gig workers also live on a paycheck-to-paycheck basis and cannot always afford to handle unexpected costs. They need the money they earn as soon as possible. The threat of interest charges on loans, cards, and other things can be dramatic for gig workers. Many workers also lose money in lost productivity because of stresses associated with their financial issues. That’s where Payfare comes into play, as the system provides help in paying all these workers.
Payfare provides these freelancers the support they need for managing their payments and collecting funds. The system lets people communicate with vendors and provides a secure environment for handling payments. The work ensures everyone will feel confident in the work being made available.
It is through Payfare’s efforts and convenience that it has grown in popularity and continues to be trusted by gig workers throughout the country. The work has also helped Payfare become more visible to where it can now offer an IPO for investment purposes. It is a sign that Payfare has more things to offer and that it will be available for more people worldwide.