The Fintech Times interviewed Sankaet Pathak, co-founder and CEO of Synapse, for a recent article that showcased our customer, Glance Capital, and the valuable services they are bringing to gig workers. Gig workers make up a large and growing segment of the American workforce, one largely underserved by traditional banks. Highlights from the article include:
- In 2019, the population of freelance workers in America was 57 million, representing 35 percent of the workforce.
- Black and Hispanic workers made up a larger percentage of gig workers than white Americans.
- Brad Stuit, CEO of Glance Capital said “Solving the financial access problem for gig workers is important for the overall economy as it allows for a more inclusive and stable workforce, which can lead to increased productivity and economic growth.”
- Fintech companies are in a unique position to customize their services to address the unique needs of gig workers including:
- Using higher fidelity data to determine creditworthiness than what banks use, and
- Not evaluating risk based on income stability and other factors.
- Applications like Glance, offered by Glance Capital, are also fast and easy to use and come with lower fees.
- When fintechs work with a Banking-as-a-Service platform, like Synapse, they have access to best-of-breed products and services to launch feature-rich offerings in weeks.