Influencers have created a $15BN industry that a number of GenZ generation want to join. The market is big, estimated to be over 50Million+ people who are operating as independent workers from gamers to bloggers to TikTok stars like Charli D'amelio (~80M followers only!). Nearly one-fifth of companies spend over half of their marketing budget on influencers. Big market indeed.
There is a financial problem that hits Influencers behind the scenes; irregular income and delayed payouts from the corporates and startups that employ them.
This is where Fintechs are now coming in to solve the problem:
-Willa is making a bank for freelancers (raised $18M!)
-XPO offers invoice funding
-Wollit works as an income smoother
Freelancers operate in the UAE too, but our traditional banks cater their services more to the salaried customers. There is an opportunity to make a ding in this space.
Let us face it, the chances for a fintech startup to differentiate with a wallet solution, payments startup or with BNPL is relatively low. Why not look seriously at the creator economy?
#startups #funding #fintech #freelancers