MyGigsters, a fintech startup dedicated to helping gig economy workers manage their income and expenses to achieve financial stability, has successfully raised $1.1 million in a Seed funding round. The platform utilizes real-time data on earnings, expenses, and work history, combined with advanced analytics, to deliver highly personalized financial insights aimed at improving users' financial health.
Founded in 2022, MyGigsters initially received pre-Seed investments from notable backers including Antler, LaunchVic, Startmate, and several angel investors. The latest funding round saw participation from both existing and new angel investors, as well as customers, through a SAFE note agreement.
Benji Elengovan, the founder of MyGigsters and a former recipient of Commbank’s Young Hero Awards Entrepreneur of the Year, emphasized the significance of this funding in scaling the company’s mission. “This funding comes at the perfect time as we expand our efforts to empower gig platforms and businesses with embedded financial solutions,” he said.
Elengovan describes MyGigsters as a platform that provides “employee-like” benefits to gig workers and independent contractors. “Our mission is to create a safer, more financially secure gig workforce. With this support, we can expand our solutions in Australia and globally while collaborating with financial service providers to build a tailored embedded finance ecosystem for gig workers,” he added.
Reflecting on the challenges of building a fintech in a dynamic regulatory and capital environment, Elengovan shared, “Over the past two years, we’ve faced numerous challenges, tested multiple solutions, and learned from both failures and customer insights. Our dedication to solving financial security for gig workers has driven us to develop the most comprehensive embedded finance platform for the gig economy.”
MyGigsters is now gearing up to launch its embedded financial services on a global scale, having secured 15 Memorandums of Understanding (MOUs) in various countries. The startup plans to integrate with gig platforms and marketplaces to offer a range of solutions, including instant payments, early pay access, embedded insurance, benefits, rewards, automated tax management, savings, and compliance.
The newly acquired funds will accelerate partnerships with clients across diverse sectors such as delivery, healthcare, creative marketplaces, and on-demand services. One notable collaboration is with Locumate, a SaaS hiring platform for on-demand healthcare professionals, co-founded by Surge Singh. “This partnership allows us to automate and simplify critical administrative tasks like invoicing, payments, and benefits management, enabling healthcare professionals to focus on delivering exceptional patient care,” Singh explained.
David Orth, a customer and investor, highlighted the transformative potential of MyGigsters. “MyGigsters is building what the future of work will depend on—bringing financial services and security to non-traditional workers. By embedding tax accounting and finance solutions, they mimic the benefits that independent contractors would typically receive in traditional employment,” he said.
Antonio Separovic, CEO and founder of Oradian and another investor in MyGigsters, praised Elengovan’s efforts. “Benji is doing incredibly important work for the gig economy. Gig workers are often overwhelmed with administrative tasks and high fees. MyGigsters makes this process seamless, simple, and cost-effective. It’s a smart, profitable business with a real-life impact, and I’m proud to support it,” Separovic remarked.
With its innovative approach and strong investor backing, MyGigsters is poised to make a significant impact on the financial well-being of gig workers worldwide, offering them the tools and security they need to thrive in the evolving gig economy.