A new banking service for self-employed Americans is making its debut with Uber.
Yesterday (Oct. 15), Clearbanc launched instant pay for Uber drivers, wherein — instead of having to wait 10 days to receive payment for their services — the money that the contract employees make every time they drive is immediately deposited to a Visa debit card.
“It’s time for banks to catch up to today’s reality,” said Andrew D’Souza, founder of Clearbanc, in a press release. “Over 50 million Americans are choosing self-employment, but traditional banks and financial service providers haven’t been able to adapt to this cultural and economic shift. We’re building a new bank for freelancers, self-employed professionals and on-demand workers to help them take control of their finances and make more money, faster.”
According to the release, every Uber driver who signs up with Clearbanc receives a free seven-day trial of the service. Should they choose to stay enrolled beyond that, they are charged $2 for each day that Clearbanc deposits funds into their account.
While Uber competitor Lyft already announced its own instant payment service for its drivers (with which Clearbanc is unaffiliated), Express Pay, earlier this month, Clearbanc also shared in the release that it plans to expand its service beyond Uber drivers to other freelancers and self-employed professionals. In addition to instant payment, the banking startup will also provide money management advice to its clients.
The press release additionally touts that Clearbanc is the first Y Combinator Fellowship company (there were 33 startups in total selected to receive mentorship and support from Y Combinator) to unveil its work publicly.
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