FinTechs offer financial tools to workers in EMEA

For its latest banking offering, Revolut recently launched Revolut Pro, a dedicated income, payment and expense management account for freelancers, sole traders, contractors and freelancers looking to manage their funds. company.

Alongside the recently launched Revolut Reader, a lightweight point-of-sale (POS) terminal suitable for freelancers and small businesses, the new account is part of a growing set of financial tools that Revolut and other FinTechs are specifically marketing to self-employed and gig workers.

Among other features, Revolut Pro allows users to accept multi-currency payments with a physical or virtual card, Google Pay and Apple Pay, as well as money transfers.

See also: Revolut takes Square, PayPal to UK with POS Reader

In a press release announcing the news, Revolut said that “as businesses and consumers increasingly use digital payments and cards instead of cash, Revolut Pro enables independent professionals to instantly accept payments”. [either in-person with Revolut Reader or] online with QR codes, payment links, and by generating invoices and tracking their payments.

Revolut’s decision to target freelancers suggests that this group of workers can benefit from an account that allows them to easily collect payments without having to open a full business account. Part of the appeal of such an account is the slow processing times associated with some of the other payment methods traditionally popular with freelancers.

As explored in the PYMNTS Expanding Payments Choice Playbook, same-day payroll can make all the difference for freelancers and independent contractors, who are often the hardest hit by late payments and legacy payroll solutions.

Get the report: PYMNTS Expanding Payments Choice Playbook

Cumbersome billing and payment processes can even deter them from working for a certain employer, and instant paydays are becoming a valuable tool in companies’ efforts to recruit top freelance talent.

Learn more: Instant Payday becomes an essential tool in the battle to recruit freelance talent

Multi-functional platforms

Another FinTech looking to make a splash in the independent banking space is Turkish neobank Norma, which combines a business bank account, point-of-sale solution and a range of financial services and money management features to help the self-employed and small businesses to manage their finances.

Hakan Gonca, Founder and CEO of Norma, told PYMNTS in an interview that the company wants to equip freelancers with the tools they need to manage their finances, including accepting payments, tracking expenses, and managing their finances. rationalization of their accounts.

Read the interview: Turkish FinTechs see growing business opportunities in neighboring Europe

He said the platform is intended to work as a “financial toolkit” for small businesses and freelancers that can help multiple business processes, “from where the money starts and ends ‘where you pay your taxes’.

Gonca’s vision of a “financial toolkit” for freelancers is similar to the ImaliPay platform, which seeks to financially empower African workers by bundling productivity-enhancing features and financial services such as savings, credit and insurance in one application.

Related: Underbanked Nigerian workers flock to one-stop financial platforms

Rather than providing its gig worker solution as a bank account, ImaliPay sits as a layer between gig workers and the platforms on which they run their business.

Since FinTech is connected to both gig workers through the app and gig platforms through an application programming interface (API), it is able to bring together data from both and offer credit to workers in the form of buy now, pay later (BNPL) loans to cover work expenses.

In the end, ImaliPay, Norma and Revolut offer three distinct proposals catering to different requirements for self-employed, self-employed and on-demand. What they have in common is that they intend to put important financial tools in the hands of people who may not have the time, money or expertise to navigate the complex world of corporate banking.

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New PYMNTS Study: How Consumers Use Digital Banks

A PYMNTS survey of 2,124 US consumers shows that while two-thirds of consumers have used FinTechs for some aspect of banking, only 9.3% call them their primary bank.


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